Global Partners (GLP) Reports Q1 EPS of $1.73, Beats on Revenues

Global Partners (NYSE: GLP) reported Q1 EPS of $1.73, versus $0.15 reported last year. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.33 billion.

Business Outlook

“We are pleased with the performance of our terminal portfolio and retail locations and continue to pursue accretive opportunities and drive additional volume through our facilities,” Slifka said.

For full-year 2018, Global continues to expect to generate EBITDA of $180 million to $210 million, which guidance excludes any gain or loss on the sale and disposition of assets, and any goodwill and long-lived asset impairment charges. EBITDA guidance for 2018 also excludes the recognition in the first quarter of 2018 of a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to the Volumetric Ethanol Excise Tax Credit, which tax credit program expired in 2011. Based upon the significant passage of time from that 2011 date, including underlying statutes of limitation, as of January 31, 2018 the Partnership determined that the liability was no longer required. This recognition of one-time income did not impact cash flows from operations for the three months ended March 31, 2018 and will not impact cash flows from operations for the year ending December 31, 2018.

For earnings history and earnings-related data on Global Partners (GLP) click here.

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