Net income was $45.9 million for third-quarter 2024 at Global Partners, compared with $26.8 million in the same period of 2023, the Waltham, Massachusetts-based company said during its third-quarter earnings call on Nov. 8.
“Global’s solid financial and operational performance in the third quarter highlights the continued growth and diversification of our retail, terminal and wholesale liquid energy portfolio,” said Eric Slifka, company president and CEO. “We delivered year-over-year gains across our key financial metrics, demonstrating the effectiveness of our strategy to acquire, invest in and optimize assets that drive operating returns.”
Global Partners is No. 21 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $119.1 million in third-quarter 2024 compared with $76.7 million in the same period a year earlier.
More highlights comparing 2024’s third quarter with 2023’s third quarter:
- Adjusted EBITDA was $114 million versus $77.7 million
- Distributable cash flow (DCF) was $71.1 million compared with $42.2 million
- Adjusted DCF was $71.6 million compared with $43.3 million
- Gross profit was $286.0 million compared with $228.5 million
“We continue to integrate the 29 new terminals acquired over the past 11 months, adding business and growing volumes,” Slifka said. “In our gasoline distribution and station operations segment, our retail assets are exceeding expectations. In our wholesale and commercial segments, supply market dynamics enabled us to capitalize on favorable conditions in the quarter. Our integrated business model provides the potential to enhance our market leadership and long-term growth.”
Slifka added that on Nov. 1, “We acquired the ExxonMobil terminal in East Providence, Rhode Island. This transaction complements our existing terminal network with the addition of 959,730 barrels of storage and deep-water dock access.”
This 730-acre liquid energy terminal features 10 product tanks with a total shell capacity of 959,730 barrels. It serves as a strategic hub for storing a variety of products, including gasoline, additives, distillates and renewable fuels.
Other third-quarter highlights:
- Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $318.3 million in third-quarter 2024 compared with $252.1 million in the same period of 2023.
- Gasoline Distribution and Station Operations (GDSO) segment product margin was $237.7 million in third-quarter 2024 compared with $206.5 million a year earlier.
- Total sales were $4.4 billion in third-quarter 2024 compared with $4.2 billion in the same period of 2023, primarily due to an increase in volume sold, partially offset by a decrease in prices.
- Total volume was 1.7 billion gallons in third-quarter 2024 compared with 1.4 billion gallons a year earlier.
Global Partners owns, operates or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic and Texas, of which 353 are company owned. Brands include Alltown Fresh, Honey Farms and XtraMart, among others.
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