Global Partners (GLP) Tops Q4 EPS by 2c, Revenues Beat

Global Partners (NYSE: GLP) reported Q4 EPS of ($0.08), $0.02 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.18 billion.

“We delivered strong results in 2019, exceeding our full-year EBITDA guidance,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Product margin in our Gasoline Distribution and Station Operations (GDSO) segment increased more than $23 million for the year, attributable primarily to the acquisitions of Champlain Oil and Cheshire Oil.

“In the fourth-quarter of 2019 our GDSO segment continued to perform well, recognizing that we did not see the exceptionally strong fuel margins that benefited this segment in the fourth quarter of 2018. Our results in the fourth quarter in our Wholesale segment were negatively impacted by less favorable market conditions,” Slifka said.

Business Outlook

“Our integrated portfolio of terminals and retail assets, together with our wholesale and commercial supply infrastructure, continue to position us well going forward,” Slifka said.

For full-year 2020, Global expects to generate EBITDA of $205 million to $230 million. Global’s guidance excludes gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

The Partnership’s guidance and future performance are based on assumptions regarding market conditions, business cycles, demand for petroleum products and renewable fuels, utilization of assets and facilities, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results. The Partnership believes these assumptions are reasonable given currently available information and its assessment of historical trends. Because Global’s assumptions and future performance are subject to a wide range of business risks and uncertainties, the Partnership can provide no assurance that actual performance will fall within guidance ranges.

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

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