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16-07-2025
- Business
- Business Wire
Martin Midstream Partners Reports Second Quarter 2025 Financial Results and Declares Quarterly Cash Distribution
KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (Nasdaq: MMLP) ('MMLP' or the 'Partnership') today announced its financial results for the second quarter of 2025. Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, 'The Partnership reported adjusted EBITDA of $27.1 million for the quarter. Based on performance over the first half of the year, we are reaffirming our full year adjusted EBITDA guidance of $109.1 million. However, we remain cautious and continue to closely monitor the potential impacts of the proposed tariffs. 'For the quarter, our Sulfur Services segment delivered sales volumes and margins that exceeded our internal projections. This performance positioned the segment for a successful first half of the year as the Sulfur Services segment prepares to enter turnaround season during the third quarter. 'In the Transportation segment, utilization in the marine business was slightly below expectations due to equipment repairs, which reduced cash flow for the quarter. Results from land transportation partially offset the shortfall from marine operations. Land transportation rates continued to show signs of pressure compared to internal projections, but lower-than-expected operating expenses contributed to improved cash flow. 'Our Specialty Products segment faced temporary volume reductions this quarter in the grease business unit due to shifts in our customer portfolio, which we expect to normalize soon. At the same time, results from the lubricants business exceeded expectations and helped partially offset the underperformance in the grease business unit. 'Lastly, the Terminalling and Storage segment delivered results slightly below our internal projections for the quarter due to higher operating expenses. However, the segment remains fundamentally stable, and we anticipate favorable performance over the second half of the year. 'During the quarter, growth capital expenditures totaled $0.8 million and maintenance capital expenditures were $5.2 million. As of June 30, 2025, our adjusted leverage ratio was 4.20 times compared to 4.21 times as of March 31, 2025. We anticipate that leverage will remain at this level in the third quarter, which is typically our seasonally weakest period for cash flow. During this time, the Partnership is managing planned turnarounds, funding capital projects, and making the semi-annual interest payment on our outstanding notes, all of which contribute to higher debt levels. We expect leverage to decline in the fourth quarter as the Sulfur Services segment exits turnaround season and operational cash flows improve.' Transportation Adjusted EBITDA decreased by $2.7 million. In the land division, Adjusted EBITDA declined by $2.8 million, primarily due to lower miles and reduced transportation rates, partially offset by lower operating expenses. In the marine division, Adjusted EBITDA increased by $0.1 million, driven by higher day rates, partially offset by increased employee-related expenses. Terminalling and Storage Adjusted EBITDA increased by $0.4 million. At our Smackover refinery, Adjusted EBITDA increased by $0.9 million, benefiting from higher throughput and reservation fees, combined with lower operating expenses. In the underground NGL storage division, Adjusted EBITDA decreased by $0.5 million due to lower throughput volumes. Adjusted EBITDA in our specialty terminals division remained flat at $2.9 million. Adjusted EBITDA in our shore-based terminals division held steady at $1.5 million. Sulfur Services Adjusted EBITDA decreased by $0.9 million. In the fertilizer division, Adjusted EBITDA declined by $0.7 million due to margin compression from higher raw material costs, partially offset by reservation fees related to the DSM Semichem joint venture. In the pure sulfur business, Adjusted EBITDA decreased by $0.6 million due to a reduction in operating expenses in the second quarter of 2024 from our sulfur vessel going into the shipyard for regulatory maintenance, combined with increased repairs and maintenance expenses. In the sulfur prilling business, Adjusted EBITDA decreased by $0.2 million, reflecting a volume-driven reduction in operating fees. Specialty Products Adjusted EBITDA decreased by $1.3 million. In the grease division, Adjusted EBITDA decreased by $1.5 million, primarily due to lower margins associated with a higher mix of lower-margin product sales. The lubricants division increased by $0.1 million, reflecting higher volumes partially offset by lower margins. Adjusted EBITDA in our propane and NGL divisions each remained flat at $0.3 million, reflecting stable volumes and margins. Unallocated selling, general, and administrative expense increased by $0.1 million, due to an increase in allocated overhead expenses from Martin Resource Management Corporation. Reconciliation of Net Income (Loss) to Adjusted EBITDA (in millions) Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 2Q 2025 Actual Net income (loss) $ 6.2 $ 3 $ 6 $ 3.6 $ (6.6 ) $ (14.6 ) $ (2.4 ) Interest expense add back – – – – – $ 14.6 $ 14.6 Equity in loss of DSM Semichem LLC – – – – $ 0.6 – $ 0.6 Income tax expense – – – – $ 2.1 – $ 2.1 Operating Income (loss) $ 6.2 $ 3.0 $ 6.0 $ 3.6 $ (3.9 ) $ – $ 14.9 Depreciation and amortization $ 2.9 $ 5.4 $ 3.6 $ 0.8 – – $ 12.6 Gain on sale or disposition of property, plant, and equipment $ (0.6 ) – – – – – $ (0.6 ) Non-cash contractual revenue deferral adjustment – – $ 0.2 – – – $ 0.2 Unit-based compensation – – – – – – – Adjusted EBITDA $ 8.5 $ 8.4 $ 9.7 $ 4.4 $ (3.9 ) $ – $ 27.1 Expand NON-GAAP FINANCIAL MEASURES EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below tables entitled "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA' and 'Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow' in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement. An attachment included in the Current Report on Form 8-K to which this announcement is included contains a comparison of the Partnership's Adjusted EBITDA for the second quarter 2025 to the Partnership's Adjusted EBITDA for the second quarter 2024. CAPITALIZATION 1 The Partnership was in compliance with all debt covenants as of June 30, 2025 and December 31, 2024. 2 Effective March 31, 2025, in accordance with the terms of the Partnership's credit agreement, the maximum total leverage ratio under the credit facility stepped down from 4.75x to 4.50x. 3 As calculated under the Partnership's revolving credit facility. Expand QUARTERLY CASH DISTRIBUTION The Partnership has declared a quarterly cash distribution of $0.005 per unit for the quarter ended June 30, 2025. The distribution is payable on August 14, 2025, to common unitholders of record as of the close of business on August 7, 2025. The ex-dividend date for the cash distribution is August 7, 2025. Qualified Notice to Nominees This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent (100%) of MMLP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MMLP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Martin Midstream Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors. About Martin Midstream Partners Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X. Forward-Looking Statements Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership's future cash flows and operations, (iii) the Partnership's ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, and (vii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the 'SEC'). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law. Use of Non-GAAP Financial Information To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders ('Distributable Cash Flow'), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("Adjusted Free Cash Flow"). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance. Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. EBITDA and Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, and transaction costs associated with business combination, merger, and divestiture activities. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess: the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness, and make cash distributions to our unitholders; and our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure. The GAAP measures most directly comparable to Adjusted EBITDA are Net Income (Loss) and Net Cash Provided by (Used In) Operating Activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance. Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder. Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities. The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity. MARTIN MIDSTREAM PARTNERS L.P. CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per unit amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues: Terminalling and storage * $ 22,404 $ 22,375 $ 43,953 $ 44,892 Transportation * 53,826 57,676 106,811 115,983 Sulfur services 4,073 3,477 8,296 6,954 Product sales: * Specialty products 60,318 67,288 129,623 133,613 Sulfur services 40,055 33,715 84,536 63,919 100,373 101,003 214,159 197,532 Total revenues 180,676 184,531 373,219 365,361 Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Specialty products * 52,270 57,553 112,764 114,783 Sulfur services * 26,234 19,234 55,316 39,633 Terminalling and storage * — 24 — 42 78,504 76,811 168,080 154,458 Expenses: Operating expenses * 64,382 65,358 128,836 129,292 Selling, general and administrative * 10,882 10,701 22,656 19,614 Depreciation and amortization 12,638 12,687 25,454 25,336 Total costs and expenses 166,406 165,557 345,026 328,700 Gain on disposition or sale of property, plant and equipment 613 953 1,092 1,161 Operating income 14,883 19,927 29,285 37,822 Other income (expense): Interest expense, net (14,608 ) (14,377 ) (28,715 ) (28,219 ) Equity in loss of DSM Semichem LLC (616 ) — (825 ) — Other, net 18 2 16 18 Total other expense (15,206 ) (14,375 ) (29,524 ) (28,201 ) Net income before taxes (323 ) 5,552 (239 ) 9,621 Income tax expense (2,084 ) (1,772 ) (3,201 ) (2,568 ) Net income (loss) (2,407 ) 3,780 (3,440 ) 7,053 Less general partner's interest in net income (loss) (48 ) 76 (69 ) 141 Less income (loss) allocable to unvested restricted units (10 ) 16 (14 ) 28 Limited partners' interest in net income (loss) $ (2,349 ) $ 3,688 $ (3,357 ) $ 6,884 Net income (loss) per unit attributable to limited partners - basic $ (0.06 ) $ 0.09 $ (0.09 ) $ 0.18 Net income (loss) per unit attributable to limited partners - diluted $ (0.06 ) $ 0.09 $ (0.09 ) $ 0.18 Weighted average limited partner units - basic 38,892,347 38,832,222 38,887,692 38,833,039 Weighted average limited partner units - diluted 38,892,347 38,891,375 38,887,692 38,872,192 *Related Party Transactions Shown Below Expand MARTIN MIDSTREAM PARTNERS L.P. CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (DEFICIT) (Unaudited) (Dollars in thousands) Partners' Capital (Deficit) Common Limited General Partner Amount Units Amount Total Balances - March 31, 2025 39,055,086 $ (73,041 ) $ 1,413 $ (71,628 ) Net loss — (2,359 ) (48 ) (2,407 ) Cash distributions — (195 ) (4 ) (199 ) Unit-based compensation — 47 — 47 Balances - June 30, 2025 39,055,086 (75,548 ) 1,361 (74,187 ) Balances - December 31, 2024 39,001,086 $ (71,877 ) $ 1,438 $ (70,439 ) Net loss — (3,371 ) (69 ) (3,440 ) Issuance of restricted units 54,000 — — — Cash distributions — (390 ) (8 ) (398 ) Unit-based compensation — 90 — 90 Balances - June 30, 2025 39,055,086 $ (75,548 ) $ 1,361 $ (74,187 ) Expand Partners' Capital (Deficit) Common Limited General Partner Amount Units Amount Total Balances - March 31, 2024 39,001,086 $ (63,115 ) $ 1,619 $ (61,496 ) Net loss — 3,704 76 3,780 Issuance of restricted units — — — — Cash distributions — (195 ) (4 ) (199 ) Unit-based compensation — 49 — 49 Balances - June 30, 2024 39,001,086 (59,557 ) 1,691 (57,866 ) Balances - December 31, 2023 38,914,806 $ (66,182 ) $ 1,558 $ (64,624 ) Net income — 6,912 141 7,053 Issuance of restricted units 86,280 — — — General partner contribution — — — — Cash distributions — (390 ) (8 ) (398 ) Unit-based compensation — 103 — 103 Balances - June 30, 2024 39,001,086 $ (59,557 ) $ 1,691 $ (57,866 ) Expand MARTIN MIDSTREAM PARTNERS L.P. CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ (3,440 ) $ 7,053 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 25,454 25,336 Amortization of deferred debt issuance costs 1,556 1,539 Amortization of debt discount 1,200 1,200 Deferred income tax expense (154 ) 26 Gain on disposition or sale of property, plant and equipment, net (1,092 ) (1,161 ) Equity in loss of DSM Semichem LLC 825 — Non cash unit-based compensation 90 103 Change in current assets and liabilities, excluding effects of acquisitions and dispositions: Accounts and other receivables (3,933 ) 2,383 Inventories 5,583 2,031 Due from affiliates 4,891 (14,227 ) Other current assets (544 ) 174 Trade and other accounts payable (6,181 ) 523 Product exchange payables 145 (426 ) Due to affiliates (1,226 ) (3,065 ) Income taxes payable 849 722 Other accrued liabilities (611 ) (1,196 ) Change in other non-current assets and liabilities 1,484 922 Net cash provided by operating activities 24,896 21,937 Cash flows from investing activities: Payments for property, plant and equipment (11,222 ) (24,194 ) Payments for plant turnaround costs (1,799 ) (6,705 ) Investment in DSM Semichem LLC — (6,938 ) Proceeds from sale of property, plant and equipment 1,092 738 Net cash used in investing activities (11,929 ) (37,099 ) Cash flows from financing activities: Payments of long-term debt (121,500 ) (113,000 ) Payments under finance lease obligations (7 ) (1 ) Proceeds from long-term debt 109,000 128,577 Payment of debt issuance costs (70 ) (15 ) Cash distributions paid (398 ) (398 ) Net cash provided by (used in) financing activities (12,975 ) 15,163 Net increase (decrease) in cash (8 ) 1 Cash at beginning of period 55 54 Cash at end of period $ 47 $ 55 Non-cash additions to property, plant and equipment $ 1,263 $ 2,641 Non-cash contribution of land to DSM Semichem LLC $ — $ 1,000 Expand MARTIN MIDSTREAM PARTNERS L.P. SEGMENT OPERATING INCOME (Unaudited) (Dollars and volumes in thousands, except BBL per day) Transportation Segment Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Revenues $ 57,701 $ 61,467 $ (3,766 ) (6 )% Operating expenses 46,399 47,783 (1,384 ) (3 )% Selling, general and administrative expenses 2,769 2,527 242 10 % Depreciation and amortization 2,916 3,381 (465 ) (14 )% 5,617 7,776 (2,159 ) (28 )% Gain on disposition or sale of property, plant and equipment 600 260 340 131 % Operating income $ 6,217 $ 8,036 $ (1,819 ) (23 )% Expand Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Revenues $ 115,176 $ 123,509 $ (8,333 ) (7 )% Operating expenses 93,046 94,424 (1,378 ) (1 )% Selling, general and administrative expenses 5,637 4,727 910 19 % Depreciation and amortization 5,848 6,857 (1,009 ) (15 )% $ 10,645 $ 17,501 $ (6,856 ) (39 )% Gain on disposition or sale of property, plant and equipment 1,078 366 712 195 % Operating income $ 11,723 $ 17,867 $ (6,144 ) (34 )% Expand Terminalling and Storage Segment Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Variance Percent Change 2025 2024 (In thousands, except BBL per day) Revenues $ 24,228 $ 24,402 $ (174 ) (1 )% Cost of products sold — 24 (24 ) (100 )% Operating expenses 15,079 15,522 (443 ) (3 )% Selling, general and administrative expenses 746 820 (74 ) (9 )% Depreciation and amortization 5,411 5,729 (318 ) (6 )% 2,992 2,307 685 30 % Gain on disposition or sale of property, plant and equipment 8 995 (987 ) (99 )% Operating income $ 3,000 $ 3,302 $ (302 ) (9 )% Shore-based throughput volumes (gallons) 47,199 42,491 4,708 11 % Smackover refinery throughput volumes (guaranteed minimum BBL per day) 6,500 6,500 — — % Expand Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, Variance Percent Change 2025 2024 (In thousands, except BBL per day) Revenues $ 47,642 $ 48,687 $ (1,045 ) (2 )% Cost of products sold — 42 (42 ) (100 )% Operating expenses 29,892 30,557 (665 ) (2 )% Selling, general and administrative expenses 1,669 1,102 567 51 % Depreciation and amortization 10,980 11,124 (144 ) (1 )% 5,101 5,862 (761 ) (13 )% Gain on disposition or sale of property, plant and equipment 9 1,097 (1,088 ) (99 )% Operating income $ 5,110 $ 6,959 $ (1,849 ) (27 )% Shore-based throughput volumes (gallons) 85,690 88,260 (2,570 ) (3 )% Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) 6,500 6,500 — — % Expand Sulfur Services Segment Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Revenues: Services $ 4,073 $ 3,477 $ 596 17 % Products 40,055 33,716 6,339 19 % Total revenues 44,128 37,193 6,935 19 % Cost of products sold 29,311 22,183 7,128 32 % Operating expenses 3,655 2,744 911 33 % Selling, general and administrative expenses 1,638 1,717 (79 ) (5 )% Depreciation and amortization 3,556 2,778 778 28 % 5,968 7,771 (1,803 ) (23 )% Gain (loss) on disposition or sale of property, plant and equipment 1 (308 ) 309 100 % Operating income $ 5,969 $ 7,463 $ (1,494 ) (20 )% Sulfur (long tons) 144 91 53 58 % Fertilizer (long tons) 73 64 9 14 % Total sulfur services volumes (long tons) 217 155 62 40 % Expand Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Revenues: Services $ 8,296 $ 6,954 $ 1,342 19 % Products 84,536 63,920 20,616 32 % Total revenues 92,832 70,874 21,958 31 % Cost of products sold 61,313 44,954 16,359 36 % Operating expenses 7,487 5,684 1,803 32 % Selling, general and administrative expenses 3,235 3,020 215 7 % Depreciation and amortization 7,113 5,760 1,353 23 % 13,684 11,456 2,228 19 % Gain (loss) on disposition or sale of property, plant and equipment 1 (308 ) 309 100 % Operating income $ 13,685 $ 11,148 $ 2,537 23 % Sulfur (long tons) 277 182 95 52 % Fertilizer (long tons) 170 136 34 25 % Total sulfur services volumes (long tons) 447 318 129 41 % Expand Specialty Products Segment Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Products revenues $ 60,341 $ 67,317 $ (6,976 ) (10 )% Cost of products sold 54,166 59,711 (5,545 ) (9 )% Operating expenses (31 ) 26 (57 ) (219 )% Selling, general and administrative expenses 1,821 1,842 (21 ) (1 )% Depreciation and amortization 755 799 (44 ) (6 )% 3,630 4,939 (1,309 ) (27 )% Gain on disposition or sale of property, plant and equipment 4 6 (2 ) (33 )% Operating income $ 3,634 $ 4,945 $ (1,311 ) (27 )% NGL sales volumes (Bbls) 572 540 32 6 % Other specialty products volumes (Bbls) 89 93 (4 ) (4 )% Total specialty products volumes (Bbls) 661 633 28 4 % Expand Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, Variance Percent Change 2025 2024 (In thousands) Products revenues $ 129,669 $ 133,663 $ (3,994 ) (3 )% Cost of products sold 117,211 119,355 (2,144 ) (2 )% Operating expenses — 51 (51 ) (100 )% Selling, general and administrative expenses 3,570 3,165 405 13 % Depreciation and amortization 1,513 1,595 (82 ) (5 )% 7,375 9,497 (2,122 ) (22 )% Gain on disposition or sale of property, plant and equipment 4 6 (2 ) (33 )% Operating income $ 7,379 $ 9,503 $ (2,124 ) (22 )% NGL sales volumes (Bbls) 1,236 1,162 74 6 % Other specialty products volumes (Bbls) 170 172 (2 ) (1 )% Total specialty products volumes (Bbls) 1,406 1,334 72 5 % Expand Indirect Selling, General and Administrative Expenses Comparative Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Variance Percent Change Six Months Ended June 30, Variance Percent Change (In thousands) (In thousands) Indirect selling, general and administrative expenses $ 3,937 $ 3,819 $ 118 3 % $ 8,612 $ 7,655 $ 957 13 % Expand Non-GAAP Financial Measures The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and six months ended June 30, 2025 and 2024, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) (in thousands) Net income (loss) $ (2,407 ) $ 3,780 $ (3,440 ) $ 7,053 Adjustments: Interest expense 14,608 14,377 28,715 28,219 Income tax expense 2,084 1,772 3,201 2,568 Depreciation and amortization 12,638 12,687 25,454 25,336 EBITDA 26,923 32,616 53,930 63,176 Adjustments: Gain on disposition or sale of property, plant and equipment (613 ) (953 ) (1,092 ) (1,161 ) Transaction expenses related to the terminated Merger with Martin Resource Management Corporation — — 827 — Equity in (earnings) loss of DSM Semichem LLC 616 — 825 — Non-cash contractual revenue adjustment 175 — 396 — Unit-based compensation 47 49 90 103 Adjusted EBITDA $ 27,148 $ 31,712 $ 54,976 $ 62,118 Expand Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) (in thousands) Net cash provided by operating activities $ 30,915 $ 11,828 $ 24,896 $ 21,937 Interest expense 1 13,229 13,004 25,959 25,480 Current income tax expense 2,024 1,420 3,355 2,542 Transaction expenses related to the terminated Merger with Martin Resource Management Corporation — — 827 — Non-cash contractual revenue adjustment 175 — 396 — Changes in operating assets and liabilities which (provided) used cash: Accounts and other receivables, inventories, and other current assets (6,570 ) 9,919 (5,997 ) 9,639 Trade, accounts and other payables, and other current liabilities (12,013 ) (3,786 ) 7,024 3,442 Other (612 ) (673 ) (1,484 ) (922 ) Adjusted EBITDA 27,148 31,712 54,976 62,118 Adjustments: Interest expense (14,608 ) (14,377 ) (28,715 ) (28,219 ) Income tax expense (2,084 ) (1,772 ) (3,201 ) (2,568 ) Deferred income taxes 60 352 (154 ) 26 Amortization of debt discount 600 600 1,200 1,200 Amortization of deferred debt issuance costs 779 773 1,556 1,539 Payments for plant turnaround costs (977 ) (745 ) (1,799 ) (6,705 ) Maintenance capital expenditures (4,246 ) (7,009 ) (8,103 ) (12,211 ) Distributable Cash Flow 6,672 9,534 15,760 15,180 Principal payments under finance lease obligations (3 ) (1 ) (7 ) (1 ) Investment in DSM Semichem LLC — (6,938 ) — (6,938 ) Expansion capital expenditures (792 ) (5,450 ) (1,721 ) (11,681 ) Adjusted Free Cash Flow $ 5,877 $ (2,855 ) $ 14,032 $ (3,440 ) Expand 1 Net of amortization of debt issuance costs and discount, which are included in interest expense but not included in net cash provided by (used in) operating activities. 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Business Wire
02-07-2025
- Business
- Business Wire
Martin Midstream Partners L.P. Sets Date for Release of Second Quarter 2025 Financial Results
KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) ('MMLP') will announce its financial results for the second quarter 2025 on Wednesday, July 16, 2025, after the market closes where it can be accessed at About Martin Martin Midstream Partners LP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X. MMLP-F
Business Wire
03-06-2025
- Business
- Business Wire
Martin Midstream Partners L.P. 2024 Schedule K-3 Forms Now Available
KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) ('MMLP') today announced that its 2024 Schedule K-3 reflecting items of international tax relevance is available online. Unitholders requiring this information may access their Schedule K-3 at A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent a Schedule K-3 is applicable to federal income tax return filing needs, unitholders are encouraged to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with their tax advisor. To receive an electronic copy of the Schedule K-3 via email, unitholders may call Tax Package Support toll free at (888) 334-7473 weekdays between 8 a.m. and 5 p.m. CT. About Martin Midstream Partners Martin Midstream Partners LP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X. MMLP-C
Yahoo
02-05-2025
- Business
- Yahoo
Why Martin Midstream Partners L.P. (MMLP) Stock is Gaining This Week
We recently compiled a list of the Energy Stocks that are Gaining This Week. In this article, we are going to take a look at where Martin Midstream Partners L.P. (NASDAQ:MMLP) stands against the other energy stocks. The ongoing artificial intelligence boom is set to transform the global energy sector. According to a recent report by the International Energy Agency, electricity demand from data centers worldwide is set to more than double by 2030 to around 945 terawatt-hours (TWh), slightly more than the entire electricity consumption of Japan today. Moreover, while the American big-tech has kept its focus on renewable energy over the last decade to reduce its carbon footprint, the sector is now also opening up to fossil fuels as a viable option to power its data centers. Natural gas has emerged as a forerunner to power the AI boom, since it is relatively clean, reliable, and abundant. However, gas prices aren't what they used to be, having risen by over 190% since March 2024. Another viable option is nuclear energy, which has gained worldwide attention recently following the CERAWeek conference in March, when several tech giants signed a pledge to support the goal of at least tripling the world's nuclear energy capacity by 2050. There have also been fears recently that the power demand required by the ballooning AI industry may have been overestimated, which led to several energy stocks posting significant declines not so long ago. However, the recently reported better-than-expected results from the cloud and AI businesses of some major American tech companies have somewhat eased these concerns. Aerial view of an oil & gas refinery, showcasing the scale of operations. To collect data for this article, we have referred to several stock screeners to find energy stocks that have surged the most between April 23 and April 30, 2025. The following are the Energy Stocks that Gained the Most This Week. The stocks are ranked according to their share price surge during this period. At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (). Share Price Gains Between Apr. 23 – Apr. 30: 5.88% Martin Midstream Partners L.P. (NASDAQ:MMLP) provides specialty services to major and independent oil and gas companies, including refineries, chemical companies, and similar businesses. The share price of Martin Midstream Partners L.P. (NASDAQ:MMLP) received a boost last week after initially declining following the announcement of its Q1 2025 results. Though the company posted a net loss of $1 million during the quarter, its revenue rose by 6.5% YoY to $192.5 million and topped expectations. MMLP also maintained its quarterly cash distribution of $0.00 per share. Overall, MMLP ranks 10th on our list of the energy stocks that gained the most this week. While we acknowledge the potential of MMLP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than MMLP but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
25-04-2025
- Business
- Yahoo
Why Martin Midstream Partners L.P. (MMLP) Is Losing This Week
We recently published a list of Energy Stocks that are Losing This Week. In this article, we are going to take a look at where Martin Midstream Partners L.P. (NASDAQ:MMLP) stands against other energy stocks that are crashing this week. After a promising start to the year, the overall energy sector has fallen by almost 5.5% since the beginning of 2025. However, it still beats the 9.9% decline suffered by the wider market. The major reason behind this downturn is the plunge in global crude oil price, caused by the continued uncertainty surrounding the ongoing tariff war, the prospects of an economic slowdown, and the recent decision by OPEC+ to increase supply in May. The WTI crude oil price, which stood at just over $71 a barrel in the beginning of April, plunged to below $60 before again resurging to around $64.3 currently. To put additional pressure on the sector, the International Energy Agency recently cut its 2025 oil demand growth forecast by 300,000 barrels per day compared to last month, warning the world to 'buckle up' amid the escalating trade tensions. Moreover, OPEC also cut its 2025 global oil demand growth forecast for the first time since December last week, expecting the demand to rise by 1.30 million bpd in 2025 and by 1.28 million bpd in 2026. Both figures are down 150,000 bpd from last month's estimates. Aerial view of an oil well and the rig in the Permian Basin, West Texas. To collect data for this article, we have referred to several stock screeners to find energy stocks that have fallen the most between April 15 to April 22, 2025. The following are the Energy Stocks that Lost the Most This Week. The stocks are ranked according to their share price decline during this period. At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Share Price Decline Between Apr. 15 and Apr. 22: 5.3% Martin Midstream Partners L.P. (NASDAQ:MMLP) provides specialty services to major and independent oil and gas companies, including refineries, chemical companies, and similar businesses. Martin Midstream Partners L.P. (NASDAQ:MMLP) reported its Q1 2025 results last week, posting a net loss of $1 million, compared to a net profit of $3.3 million for the same period in 2024. The quarterly loss includes $0.8 million of costs associated with the termination of the company's merger agreement with Martin Resource Management Corporation. Moreover, the overall bearish sentiment regarding the oil and gas service industry has also taken a toll on the share's price. Overall, MMLP ranks 9th on our list of the energy stocks that lost the most this week. While we acknowledge the potential of energy companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than MMLP but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
