MMLP
Martin Midstream Partners L.P.2.3700
-0.1000-4.05%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
92.56MP/E (TTM)
-Basic EPS (TTM)
-0.52Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Martin Midstream Partners posted FY2025 net loss of $14.7M versus $5.2M loss in FY2024, with operating income dropping to $48.9M from $57.3M as revenues edged up 1% to $716.1M while expenses climbed. Sulfur services surged 26% to $164.1M on 32% volume growth to 833k long tons, fueling 31.2M operating income, yet transportation fell 30% to $4.4M amid 5% revenue drop from weak inland barge demand. Q4 momentum showed in sulfur's ELSA joint venture fees and 47% terminalling operating income rise to $7.4M, but overall Adjusted EBITDA slid to $99.0M from $110.6M. Debt stood at $439M year-end with $130M revolver ($39M drawn, $31.4M available post-covenants); Q4 $0.005/unit distribution maintained. Adverse weather remains a balanced risk to Gulf Coast operations.
8-K
Q4 EBITDA up, FY down
Martin Midstream Partners reported Q4 Adjusted EBITDA of $24.8 million, up from $23.3 million, but full-year $99.0 million trailed 2024's $110.6 million due to transportation weakness and grease headwinds. Debt fell to $439.1 million with 4.43x leverage. Guides 2026 Adjusted EBITDA to $96.5 million amid elevated $36.5 million capex. Distributions hold at $0.005 per unit.
10-Q
Q3 FY2025 results
Martin Midstream Partners posted Q3 revenue of $168.7M, down 1.2% y/y but up 3.1% q/q (derived), as sulfur services surged 32% y/y to $32.6M on 42% higher volumes, offsetting a 12% y/y drop in transportation to $49.7M from softer demand. Operating income fell 45% y/y to $6.9M amid elevated costs, while gross margins held steady at 44.5% (derived). YTD revenue climbed 1.2% to $541.9M, but operating income dipped 28% to $36.2M; net loss widened to $11.9M from $3.7M profit, driven by $43.3M interest expense. Operating cash flow strengthened to $23.7M YTD, yielding $9.4M free cash flow after $23.7M capex (derived); cash sits at $49K with $441.3M debt, including a $130M facility extended to 2027 at 7.74%. Covenants tightened but met. Litigation over past lubricant claims lingers into 2026.
8-K
Q3 loss widens, guidance pulled
Martin Midstream Partners reported a $8.4 million net loss for Q3 2025, with adjusted EBITDA dropping to $19.3 million from $25.1 million a year ago, hammered by weak marine transportation demand and lagging grease sales. Terminalling and storage held steady at $9.7 million, buoyed by fee-based contracts, while sulfur services dipped slightly post-turnarounds. The partnership declared a $0.005 per unit distribution but withdrew 2025 guidance amid barge utilization woes; leverage climbed to 4.63x. Demand softness risks persist.
8-K
Credit facility extended, cut
Martin Midstream Partners amended its revolving credit facility on September 24, 2025, extending maturity from February 2027 to November 2027 while trimming commitments from $150M to $130M. It tightened covenants—Interest Coverage to 1.75x from Q1 2025, Total Leverage capped at 4.50x initially then 4.75x, First Lien at 1.25x. Lenders gained nine extra months. Tighter terms signal caution.
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