Martin Midstream reports jump in earnings
POSTED: Tuesday, May 7, 2013 - 10:00pm
UPDATED: Tuesday, May 7, 2013 - 10:14pm
Kilgore, TX (Longview News-Journal) — Kilgore-based Martin Midstream Partners L.P. said Monday it generated record cash flow while achieving a 33 percent increase in net income during the first quarter.
Earnings per limited partner unit jumped more than 56 percent.
Business was strong across most segments, said Ruben Martin, president and CEO.
For the three months ending March 31, the limited partnership had net income of $16.6 million, or 61 cents per limited partner unit. That was up from $12.5 million, or 39 cents per limited partner unit, a year ago.
Revenues rose nearly 25 percent, to $433.7 million from $348.3 million a year ago.
“This included strong performance in the wholesale butane division of our Natural Gas Services segment,” Martin said. “The market remained strong as the gasoline blending season carried over from the fourth quarter. In our Sulfur Services segment, we benefited from another strong quarter from our fertilizer division.”
Distributable cash flow for the quarter was $28.9 million, which Martin said was a record.
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