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Global Partners Reports Financial Results For The Second Quarter Of 2013

Recent Highlights

  • The Board of Directors of the Partnership’s general partner, Global GP LLC, increased the Partnership’s quarterly cash distribution to $0.5875 per unit ($2.35 per unit on an annualized basis) on all of its outstanding common units for the period from April 1 through June 30, 2013. The distribution will be paid on August 14, 2013 to unitholders of record as of the close of business August 5, 2013.

Business Outlook

For full-year 2013, Global Partners now expects EBITDA in the range of $150 million to $175 million, including the Cascade Kelly Holdings acquisition completed in the first quarter of 2013.

“Based upon our performance for the first half of the year and the short-term challenges we see for the balance of 2013 related to compressed margins and reduced volume to the East and West Coasts in our crude oil logistics and marketing activities, and to backwardation in the gasoline market, we are adjusting our full year 2013 EBITDA guidance,” Slifka said. “We believe in the strategic direction of the Partnership. Despite short-term challenges, we believe that we will be able to deliver value to our unitholders through the optimization of our operating assets, our organic projects under development and other strategic initiatives.”

The Partnership’s guidance is based on assumptions regarding current market conditions, including demand for petroleum products and renewable fuels, changes in commodity prices, weather, credit markets and the forward product pricing curve, which will influence quarterly financial results.

F inancial Results Conference Call

Management will review the Partnership’s second-quarter 2013 financial results in a teleconference call for analysts and investors today.
Time:       10:00 a.m. ET
 
Dial-in numbers: (877) 709-8155 (U.S. and Canada)
(201) 689-8881 (International)

The call also will be webcast live and archived on Global’s website, www.globalp.com.

Use of Non-GAAP Financial Measures

Net Product Margin

Global Partners views net product margin as an important performance measure of the core profitability of its operations. The Partnership reviews net product margin monthly for consistency and trend analysis. Global Partners defines net product margin as sales minus product costs. Sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels, crude oil, natural gas and propane, as well as convenience store sales and gasoline station rental income. Product costs include the cost of acquiring the refined petroleum products, renewable fuels, crude oil, natural gas and propane and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items. The Partnership also looks at net product margin on a per unit basis (net product margin divided by volume). Net product margin is a non-GAAP financial measure used by management and external users of Global Partners’ consolidated financial statements to assess the Partnership’s business. Net product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, Global Partners’ net product margin may not be comparable to net product margin or a similarly titled measure of other companies.

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