Global Partners LP (NYSE: GLP) today reported financial results for the quarter ended June 30, 2012.
Second-Quarter 2012 Financial Summary
Net income for the second quarter of 2012 was $18.5 million, or $0.66 per diluted limited partner unit, compared with a net loss of $848,000, or $0.04 per limited partner unit, for the second quarter of 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2012 more than doubled to a record $40.8 million, compared with $15.5 million for the same period of 2011.
Distributable cash flow (DCF) for the second quarter of 2012 was a record $26.7 million, compared with $5.9 million for the second quarter of 2011.
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 months ended June 30, 2012 and 2011.
“Global Partners delivered excellent results for the second quarter,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Our performance reflected the contributions of acquisitions and organic projects that are fundamentally transforming our business.”
“Our March acquisition of Alliance Energy helped drive strong volume and margin gains in our Gasoline Distribution and Station Operations segment, as did our agreement with Getty Realty to supply and provide management services to more than 200 of its gas stations,” Slifka said. “From a market perspective, the decline in gas prices in the second quarter resulted in expanded margins at the station distribution level. In addition, our rapidly developing crude oil storage, logistics and marketing business also contributed to the bottom line. These factors were partially offset by backwardation in the futures market and competitive pricing at the rack, which adversely affected our wholesale gasoline results.”