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USD Partners (USDP) investor relations material
USD Partners Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported a net loss of $52.3 million for 2024, compared to net income of $17.8 million in 2023, driven by asset impairments and asset sales.
Revenues declined sharply to $35.8 million in 2024 from $62.9 million in 2023, reflecting divestitures and reduced operations.
Completed the sale of Casper, West Colton, and Stroud terminals, with the Hardisty Terminal sale expected by mid-April 2025, leaving no material assets.
After the Hardisty sale, substantial debt will remain, and the partnership expects to wind down with no value for unitholders.
Delisted from NYSE in November 2023 due to low market capitalization; now trades on OTC Pink Market.
Financial highlights
Net loss of $52.3 million in 2024, compared to net income of $17.8 million in 2023.
Revenues fell 43% year-over-year to $35.8 million, primarily from terminalling services.
Operating loss of $17.8 million in 2024 versus operating income of $35.1 million in 2023.
Impairment charges of $17.4 million and $0.8 million loss on assets held for sale in 2024.
Cash and equivalents at year-end 2024 were $4.3 million, down from $6.6 million in 2023.
Outlook and guidance
Hardisty Terminal sale expected by mid-April 2025; after sale, all material assets will be divested.
Remaining debt will exceed sale proceeds, and the partnership will wind down or dissolve.
No future distributions to unitholders are expected; units will have no value post-wind down.
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