Global Partners Q3 revenue climbs 42% on wholesale boost, net profit up 80%
GLP•Global Partners’ third-quarter sales rose 42.4% year over year to $6.68 billion, while net income increased 80% to $52.36 million. Wholesale segment revenue climbed to $4.7 billion from $3.1 billion, offsetting lower retail fuel volumes.
1. Quarterly results
Global Partners reported third-quarter sales of $6.68 billion, up 42.4% year over year, and net income of $52.36 million, up 80%. Sales missed the $7.41 billion consensus estimate, while pretax profit of $53.16 million came in below the $64.72 million estimate.
2. Wholesale segment strength
Wholesale revenue rose to $4.7 billion from $3.1 billion. The company said improved market conditions in gasoline and distillates boosted wholesale margins, offsetting lower retail fuel volumes, which weighed on gasoline distribution margins.
3. Distribution and outlook
Global Partners announced a quarterly cash distribution of $0.7850 per unit and said an extension of its credit facility provides greater financial flexibility. The company said it is well positioned to invest and pursue new opportunities.
