Martin Midstream Partners L.P. reported its financial results for the third quarter of 2024, with Adjusted EBITDA reaching $25.1 million. This figure was $1.3 million below the Partnership's guidance of $26.4 million for the quarter. The company recorded a net loss of $3.3 million, or $0.08 per common unit, compared to a net income of $3.7 million, or $0.09 per unit, in the prior year's third quarter.
Total revenues for the quarter were $170.9 million, a decrease from $176.7 million in the same period of 2023. The Transportation segment saw a $2.1 million increase in Adjusted EBITDA due to higher marine day rates and utilization, while the Sulfur Services segment experienced a $1.2 million decrease primarily from lower fertilizer volumes and margins. The Specialty Products segment's Adjusted EBITDA decreased by $2.2 million due to reduced margins in lubricants and grease.
As of September 30, 2024, MMLP's total debt outstanding stood at $486.6 million, resulting in an adjusted leverage ratio of 4.14x. The Partnership also declared a quarterly cash distribution of $0.005 per common unit for the quarter ended September 30, 2024, payable on November 14, 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.