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Global Partners Reports Record Fourth-Quarter And Full-Year 2012 Financial Results

Stocks in this article: GLP

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2012 were $47.1 million, compared with $26.8 million for the same period of 2011.

Distributable cash flow (DCF) for the fourth quarter of 2012 was $32.1 million, compared with $16.5 million for the fourth quarter of 2011.

Net product margin, 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 12 months ended December 31, 2012 and 2011.

Sales for the fourth quarter of 2012 increased to $5.1 billion from $4.1 billion for the same period in 2011, driven primarily by increasing crude oil activity and the acquisition of Alliance Energy LLC, which was completed in the first quarter of 2012. Wholesale segment sales of $4.1 billion were up approximately 16% from $3.5 billion for the fourth quarter of 2011 due to an increase in volume. Sales from the Gasoline Distribution and Station Operations segment more than doubled to $875.9 million compared with $365.5 million for the same period in 2011, reflecting contributions from the Alliance acquisition, as well as the fuel supply and services agreement with Getty Realty. Commercial segment sales decreased approximately 33% to $148.5 million from $220.3 million for the fourth quarter of 2011.

Wholesale segment volume was 1.4 billion gallons for the fourth quarter of 2012 compared with 1.3 billion gallons for the fourth quarter of 2011. Volume in the Gasoline Distribution and Station Operations segment was up 130% to 267.9 million gallons for the fourth quarter of 2012 from 116.6 million gallons in the comparable period of 2011 . Commercial segment volume was 96.9 million gallons, compared with 93.9 million gallons for the fourth quarter of 2011.

Combined gross profit increased to $104.9 million for the fourth quarter of 2012, compared with $59.5 million for the fourth quarter of 2011. Total wholesale net product margin grew to $42.6 million for the fourth quarter of 2012, compared with $36.5 million for the same period in 2011. In the Gasoline Distribution and Station Operations segment, net product margin increased 204% to $68.4 million from $22.5 million in the comparable period of 2011. Commercial segment net product margin decreased to $4.5 million for the fourth quarter of 2012 compared with $6.6 million in the same period of 2011.

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