Global Partners Q2 profit more than doubles on higher fuel margins - GLP News | RalliesGlobal Partners Q2 profit more than doubles on higher fuel margins
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GLP• Outlook
- Company did not provide specific financial guidance for the current or future periods
Overview
- U.S. liquid energy operator's Q2 sales rose yr/yr but missed the sole analyst estimate
- Net income more than doubled from a year ago
- Company redeemed all outstanding Series B preferred units during the quarter
Result Drivers
- Higher fuel margins - Gasoline distribution product margin increased, mainly due to higher fuel margins (cents per gallon)
- Favorable gasoline markets - Wholesale segment gasoline and blendstocks margin rose, reflecting more favorable market conditions
- Bunkering improvement - Commercial segment margin grew due to more favorable market conditions in bunkering
Key details and analyst coverage
| | | |
|---|
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Sales | Miss | $6.79 bln | $7.51 bln (1 Analyst) |
| Q2 Net Income |
| Q2 Pretax Profit | Beat | $76.26 mln | $50.46 mln (1 Analyst) |
| Q2 Gross Profit | | $328.94 mln | |
| Q2 Operating Income | | $107.36 mln | |
- The one available analyst rating on the shares is "hold"
- The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"
- The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 15 three months ago
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