Genesis Energy reports Q2 EPS (25c) vs. 22c last year

Reports Q2 revenue $756.3M vs. $804.66M last year. CEO Grant Sims said, “Q2 was generally in-line with our expectations, absent a few one offs. Most importantly, we continue to move closer and closer to the important inflection point when we will complete our current major capital spending program and be a short time away from a notable step change in earnings and cash flow starting next year…As we look ahead to 2025, assuming a mid-year startup for our contracted offshore developments, a marginal sequential recovery in our soda ash business, and steady to marginally increasing performance in our marine transportation segment, we believe Genesis should be able to generate approximately $800 million in Adjusted EBITDA in 2025 and will be approaching, and potentially exceeding, $900 million of Adjusted EBITDA in 2026. Upon the completion of our offshore expansion projects over the coming months and given the current absence of any meaningful future growth capital requirements, we expect to be generating significant increasing amounts of cash flow over the next several years and beyond”.