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Global Partners LP (NYSE: GLP) today reported financial results for the quarter and twelve months ended December 31, 2011.
Net income for the fourth quarter of 2011 was $10.0 million, or $0.45 per diluted limited partner unit, compared with net income of $5.9 million, or $0.32 per diluted limited partner unit, for the fourth quarter of 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended December 31, 2011 was $26.8 million, an increase of 22% from $22.0 million for the fourth quarter of 2010.
Distributable cash flow (DCF) for the fourth quarter of 2011 increased 31% to $16.5 million from $12.5 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 twelve months ended December 31, 2011 and 2010.
“Even with the fourth quarter’s unseasonably warm temperatures, backward gasoline market and, from time to time, less favorable or flat distillates curve, our results are evidence of the progress we have made in diversifying our earnings stream,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Several of our business lines contributed to the year-over-year increases in the fourth-quarter, driving a 69 percent increase in net income and a 25 percent increase in product volume over the same period a year earlier.”
Sales for the fourth quarter of 2011 increased to $4.1 billion from $2.8 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 $3.8 billion, or 93% of total sales, for the fourth quarter of 2011, compared with $2.5 billion, or 93% of total sales, for the fourth quarter of 2010. Commercial segment sales were $295.5 million, or 7% of total sales, for the fourth quarter of 2011, compared with $201.9 million, or 7% of total sales, for the fourth quarter of 2010.