Global Partners ( (GLP) ) has released its Q4 earnings. Here is a breakdown of the information Global Partners presented to its investors.
Global Partners LP is a Fortune 500 company that operates as an integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and retail experiences, primarily in the U.S. energy sector. The company is known for its extensive network of terminals and retail locations across the Northeast, Mid-Atlantic, and Texas, distributing gasoline, distillates, and renewable fuels.
In its latest earnings report, Global Partners LP announced financial results for the fourth quarter and full year of 2024. The company highlighted significant growth and expansion, including the acquisition of multiple terminals, which has strengthened its position in the U.S. liquid energy market. Despite a decrease in net income compared to the previous year, the company reported an increase in EBITDA and adjusted EBITDA for the full year.
Key financial metrics from the report include a net income of $23.9 million for the fourth quarter of 2024, down from $55.3 million in the same period of 2023. However, the company’s EBITDA increased to $389.4 million for the full year, compared to $356.4 million in 2023. The company also reported a gross profit of $1.1 billion for the full year, up from $973.6 million in 2023, indicating improved operational efficiency.
The company’s strategic acquisitions, including a significant terminal in East Providence, Rhode Island, and a 25-year contract with Motiva, have expanded its operational footprint to 18 states. These moves are expected to enhance its capacity to handle larger cargo-sized vessels and diversify its product offerings, positioning Global Partners for future growth.
Looking ahead, Global Partners LP is well-positioned to leverage its expanded network and expertise in supply, terminaling, and marketing to capitalize on growth opportunities. The company remains focused on creating long-term value for its unitholders, despite the challenges posed by fluctuating market conditions.