Global Partners (GLP) Q4 2024 earnings summary

Executive summary

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

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

• Over $528 million was invested in strategic acquisitions, supporting robust growth in both wholesale and GDSO segments.

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

Financial highlights

• 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).

• 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).

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

• Q4 2024 operating expenses rose $12.1 million to $128.1 million, reflecting new terminal additions.

• Interest expense increased to $34.4 million from $20.7 million, driven by new senior notes and higher credit facility balances.

Segment performance

• Wholesale segment Q4 product margin rose to $79.8 million (vs. $51.9 million), benefiting from terminal acquisitions and favorable market conditions.

• GDSO segment Q4 product margin was $213.6 million (vs. $245.4 million), with gasoline distribution margin down due to lower fuel margins; station operations margin stable.

• Full-year gasoline distribution margin up $20.2 million (4%) year-over-year; station operations margin up $0.3 million to $67.9 million in Q4.

• Commercial segment Q4 product margin was $8.6 million (vs. $8.4 million).

• Q4 total sales were $4.2 billion (vs. $4.4 billion), with volume up to 1.8 billion gallons (from 1.6 billion); Wholesale volume increased, GDSO and Commercial volumes slightly down.