Sprague Resources Q3 Loss Narrows

(RTTNews) - Sprague Resources LP (SRLP), a company engaged in the purchase and sale of refined petroleum products and natural gas, Wednesday reported a third-quarter loss that was narrower mainly due to a rise in sales.

The company reported a loss of $6.4 million, wider than the loss of $10.8 million a year earlier.

For the three months to September, adjusted EBITDA rose to $12.4 million from $7.4 million a year ago.

Total sales increased to $940,275 from $703,693 a year earlier, mainly driven by the growth in refined products revenue to $879,691 from $651,030 a year ago.

Refined products volume rose to 308,135 gallons from 208,782 gallons and Natural gas production increased to 9,983 MMBtus from 9,820 MMBtus a year earlier. However, materials handling volume declined to 54,474 gallons from 61,656 gallons a year earlier.

Less than a month ago, Sprague completed its initial public offering of 8,500,000 common units, at a price of $18.00 per unit. The company made $153.0 million in the IPO, before underwriting discounts and commissions, structuring fees and estimated offering expenses.

Tuesday, the stock closed at $17.10 on the Nasdaq.