Global Partners (GLP) Q3 2024 earnings summary

Executive summary

• Achieved strong year-over-year growth in all key financial metrics, reflecting successful asset acquisitions, integration, and optimization, especially in retail and terminal operations.

• Integrated 29 new liquid energy terminals from Motiva, Gulf Oil, and ExxonMobil, expanding storage capacity and market reach.

• Retail assets outperformed expectations, while favorable supply-market dynamics benefited wholesale and commercial segments.

• Strategic joint venture with ExxonMobil expanded presence in Houston; selected for MassDOT's $63M EV infrastructure program.

• Achieved $4.4B in Q3 2024 sales, up 5% year-over-year, driven by higher volumes, especially in Wholesale.

Financial highlights

• Q3 2024 net income rose to $45.9M from $26.8M; diluted EPS was $1.17, up from $0.60.

• Adjusted EBITDA increased to $114.0M from $77.7M; EBITDA was $119.1M vs. $76.7M.

• Gross profit grew to $286.0M from $228.5M; combined product margin reached $318.3M, up from $252.1M.

• Distributable cash flow was $71.1M, up from $42.2M; adjusted DCF was $71.6M vs. $43.3M.

• Quarterly cash distribution of $0.73 per unit, up 6.6% year-over-year, annualized at $2.92.

Outlook and guidance

• Maintenance CapEx for 2024 expected at $50–60M; expansion CapEx revised to $40–50M, focused on gasoline stations and terminals.

• Remain selective and disciplined in pursuing further acquisitions, with a positive outlook for continued growth.

• Management highlights risks from commodity price volatility, transportation disruptions, regulatory changes, and evolving fuel demand.