Global Partners LP (NYSE: GLP) today reported net income of $1.9 million, or $0.08 per diluted limited partner unit, for the three months ended September 30, 2011, compared with net income of $551,000, or $0.03 per diluted limited partner unit, for the third quarter of 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended September 30, 2011 was $18.7 million, an increase of 49% from $12.5 million for the third quarter of 2010.
Distributable cash flow (DCF) for the third quarter of 2011 increased 58% to $8.6 million from $5.4 million for the comparable period in 2010.
EBITDA and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under "Use of Non-GAAP Financial Measures." Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and nine months ended September 30, 2011 and 2010.
“We generated better-than-expected earnings in the third quarter, in part from the strong performance of our Mobil assets, which contributed to record Q3 gross profit and product volume,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Due to the contribution of gasoline and blendstock volumes, combined product volume grew by 66% to a third-quarter record 1.3 billion gallons from 770 million gallons in the third quarter of 2010.”
Sales for the third quarter of 2011 were $3.8 billion, compared with $1.5 billion for the same period in 2010, due primarily to a combination of volume increases and higher refined petroleum product prices. Wholesale segment sales were $3.5 billion, or 92% of total sales, for the third quarter of 2011, compared with $1.5 billion, or 94% of total sales, for the third quarter of 2010. Commercial fuel sales were $289.3 million, or 8% of total sales, for the third quarter of 2011, compared with $94.7 million, or 6% of total sales, for the third quarter of 2010.