Global Partners LP (NYSE:GLP)
$ 48.61 -0.66 (-1.34%) Market Cap: 1.64 Bil Enterprise Value: 3.67 Bil PE Ratio: 14.69 PB Ratio: 2.27 GF Score: 71/100
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Q2 2024 Global Partners LP Earnings Call Transcript

Aug 07, 2024 / 02:00PM GMT
Release Date Price: $39.19 (-0.76%)

Key Points

Positve
  • Year-over-year growth across all key profitability metrics in Q2.
  • Strong results in both wholesale and GDSO segments.
  • Significant expansion of wholesale segment footprint through strategic acquisitions.
  • Healthy retail fuel margins and successful merchandising initiatives in convenience markets.
  • Quarterly cash distribution increased by 6.7% over the prior year.
Negative
  • Operating expenses increased by $19.6 million due to terminal acquisitions.
  • SG&A expenses rose by $5.6 million, driven by long-term incentive compensation, wages, benefits, and professional fees.
  • Interest expense increased by $13.7 million due to new senior notes and higher average balances on credit facilities.
  • Commercial segment product margin decreased by $0.6 million due to less favorable market conditions.
  • Certain products in the wholesale segment were negatively impacted by the timing of mark-to-market valuations in the first quarter.
Operator

Good day, everyone, and welcome to the Global Partners second-quarter 2024 financial results conference call. Today's call is being recorded. (Operator Instructions)

With us from Global Partners are President and Chief Executive Officer Mr. Eric Slifka; Chief Financial Officer Mr. Gregory Hanson; Chief Operating Officer Mr. Mark Romaine; and Chief Legal Officer and Secretary Mr. Sean Geary. At this time, I would like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.

Sean Geary
Global Partners LP - Chief Legal Officer and Secretary of the General Partner

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws, including projections and expectations concerning the future financial and operational performance of Global Partners.

No assurances can be given that these projections will be attained or that these expectations will be met. Our assumptions in future performance are subject to a wide range of business risks,

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