Global Partners (GLP) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with the integration of 30 new terminals, doubling storage capacity to 22 million barrels and expanding presence across 18 states, including a major 25-terminal acquisition and a 25-year contract with Motiva Enterprises.

• Integration of a 959,730-barrel terminal in Rhode Island enhanced marine capabilities and storage diversity.

• Strategic investments exceeded $528 million, supporting robust growth in both wholesale and GDSO segments.

• Expanded network and strong balance sheet position the company for future growth and value creation.

Financial highlights

• Q4 2024 net income was $23.9 million ($0.52/diluted unit), down from $55.3 million ($1.41) in Q4 2023; full-year net income was $110.3 million ($2.41), down from $152.5 million ($3.76) year-over-year.

• Adjusted EBITDA for Q4 2024 was $97.8 million (vs. $112.1 million in Q4 2023); full-year Adjusted EBITDA was $388.9 million (vs. $356.3 million prior year).

• Q4 distributable cash flow (DCF) was $45.7 million (vs. $59.4 million); full-year DCF was $205.8 million (vs. $202.7 million).

• Q4 2024 wholesale segment product margin increased $27.9 million to $79.8 million; GDSO product margin decreased $31.8 million to $213.6 million.

• Interest expense rose to $34.4 million from $20.7 million, reflecting new senior notes and higher credit facility balances.

Outlook and guidance

• Maintenance capex for 2025 expected at $60–$70 million; expansion capex (excluding acquisitions) at $75–$85 million, focused on gasoline station and terminaling businesses.

• Management anticipates continued growth and value creation, leveraging expanded assets and market flexibility.