Q2 2024 Martin Midstream Partners LP Earnings Call Transcript
Key Points
- Martin Midstream Partners LP (MMLP) exceeded its second-quarter guidance by $0.5 million, achieving an adjusted EBITDA of $31.7 million.
- The transportation segment outperformed expectations, with adjusted EBITDA of $11.2 million compared to guidance of $10.2 million.
- The sulphur services segment also exceeded guidance, with adjusted EBITDA of $10.6 million versus the forecasted $9.8 million.
- The company managed to keep operating expenses $0.4 million below forecast due to lower truck and trailer operating costs.
- Despite two casualty losses totaling $2 million, the company still managed to exceed its overall guidance.
- The marine transportation business underperformed, with adjusted EBITDA of $2.9 million compared to guidance of $3.8 million, primarily due to a $0.5 million casualty loss.
- The terminalling and storage segment missed its forecast, achieving adjusted EBITDA of $8 million compared to guidance of $9.4 million, due to a crude oil pipeline spill.
- The specialty products segment had mixed results, with underperformance in the packaged lubricant business offsetting gains in the grease business.
- The company increased its total anticipated CapEx spend for 2024 to $58.4 million, up from $49.4 million, which could impact future cash flows.
- The leverage ratio remains high at 3.88 times, with a goal to reduce it below 3.75 times on a sustained basis.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the MMLP second-quarter 2024 earnings call. Today's conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Sharon Taylor, Chief Financial Officer. Please go ahead.
Thank you. Good morning, everyone, and welcome to the Martin Midstream Partners conference call to discuss second quarter 2024 earnings. During this call, we will make forward-looking statements as defined by the SEC. These statements are based upon our current beliefs as well as assumptions made by the management team and information currently available to us.
Please refer to our earnings press release issued yesterday afternoon and posted on our website as well as our latest filings with the SEC for a list of factors that could impact the future performance of Martin and cause
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