NEW YORK - Global Partners LP (NYSE:GLP) reported third-quarter results that missed analyst expectations on both the top and bottom lines, sending shares down 1% in early trading.
The liquid energy terminal and gas station operator posted adjusted earnings per share of $1.17, falling short of the $1.57 consensus estimate. Revenue came in at $4.42 billion, below the $5.85 billion analysts were expecting.
Despite the misses, Global Partners saw year-over-year gains across key financial metrics. Net income rose to $45.9 million from $26.8 million in Q3 2023. Adjusted EBITDA increased to $114.0 million from $77.7 million a year ago.
"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 CEO Eric Slifka. "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."
The company's Gasoline Distribution and Station Operations segment saw product margin rise to $237.7 million from $206.5 million last year. The Wholesale segment's product margin jumped to $71.1 million from $37.2 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.