Global Partners Q3 Profit Down

(RTTNews) - Global Partners LP (GLP) reported that its third quarter of 2013 Limited partners' interest in net income was $2.55 million, or $0.09 per limited partner unit, down from $6.58 million, or $0.24 per limited partner unit, for the third quarter of 2012.

"Global delivered favorable year-over-year results in the third quarter…We benefited from a strong performance in our gasoline distribution and station operations and favorable market conditions in wholesale distillates. As expected, our performance was moderated by backwardation in wholesale gasoline blendstocks and supply dislocations in crude oil that compressed margins and reduced volumes. Crude oil activities in Q3 were up on a year-over-year basis, reflecting our acquisitions early in 2013 of Cascade Kelly and Basin Transload, our take-or-pay contract with Phillips 66 and other term contracts at our terminals," said Eric Slifka, the Partnership's President and Chief Executive Officer.

Sales for the third quarter of 2013 decreased to $4.4 billion from $4.6 billion for the same period in 2012.

"Looking ahead, we are broadening our earnings capacity through expansion projects designed to further optimize our logistics capacity and capabilities and to increase the volume of products put through our terminaling system and our gasoline station network.....These projects represent significant growth opportunities for Global in 2014 and beyond," said Eric Slifka.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share and revenues of $4.93 billion. Analysts' estimates typically exclude special items.

For full-year 2013, Global Partners affirmed its previous EBITDA guidance in the range of $150 million to $175 million.