Global Partners LP (NYSE: GLP) today reported financial results for the quarter ended September 30, 2012.
Third-Quarter 2012 Financial Summary
Net income for the third quarter of 2012 was $6.9 million, or $0.24 per diluted limited partner unit, compared with net income of $1.9 million, or $0.08 per diluted limited partner unit, for the third quarter of 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2012 were $29.5 million, compared with $18.7 million for the same period of 2011.Distributable cash flow (DCF) for the third quarter of 2012 was $15.0 million, compared with $8.6 million for the third 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 September 30, 2012 and 2011. “Our year-over-year improvement reflects the success of our strategy, as we continue to strengthen our business through organic growth and strategic acquisitions,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “The combination of our Alliance Energy acquisition, which was completed in the first quarter of this year, our growing crude oil business and our fuel supply and services agreement with Getty Realty helped to drive our year-over-year results for Global Partners. In addition to volume of 1.6 billion gallons of petroleum products – the largest single quarter in our history – we generated record third-quarter net income, EBITDA and distributable cash flow.” “As we expected, our third quarter results did not match the performance we achieved in the second quarter due to the significant increase in gasoline prices from the end of June to the end of September, which adversely affected our margin results.”