Martin Midstream Partners L.P.
2.6009-0.15 (-5.42%)
Oct 30, 9:52:44 AM EDT · NasdaqGS · MMLP · USD
Key Stats
Market Cap
101.58MP/E (TTM)
-Basic EPS (TTM)
-0.52Dividend Yield
0.01%Recent Filings
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.
10-Q
Q2 FY2025 results
Martin Midstream Partners posted Q2 revenue of $180.7M, down 2.1% y/y but up 1.3% q/q (derived), with operating income slipping to $14.9M from $19.9M y/y amid softer transportation volumes and pricing pressures, yet sulfur services surged 19% on higher volumes. Diluted EPS fell to -$0.06 from $0.09 y/y, reconciling to 38.9M weighted shares with no anti-dilution noted. Operating cash flow hit $24.9M YTD, yielding free cash flow of $13.1M after $11.2M capex (derived), while net debt eased to $427.8M from $437.6M year-end, with $108.3M revolver availability under compliant covenants. No major M&A or impairments surfaced. Volumes dipped in land transport, but steady terminalling throughput offers a buffer.
8-K
Q2 net loss, EBITDA down
Martin Midstream Partners reported a $2.4 million net loss for Q2 2025, yet delivered adjusted EBITDA of $27.1 million, down from $31.7 million last year amid softer transportation and specialty products results. Sulfur services outperformed projections, while marine repairs and grease volume dips pressured margins. The partnership reaffirmed full-year adjusted EBITDA guidance at $109.1 million but eyes tariff risks. Leverage holds steady at 4.20x.
10-Q
Q1 FY2025 results
Martin Midstream Partners posted Q1 2025 revenues of $192.5M, up 6.5% y/y from $180.8M, fueled by a 45% surge in sulfur services to $48.7M on higher volumes and prices, while specialty products grew 4.5% to $69.3M amid 6% volume gains. Yet operating income dipped 19.6% y/y to $14.4M, pressured by a 7% drop in transportation revenues to $53.0M from lower miles and utilization, alongside higher SG&A. Net loss hit $1.0M or $(0.03) per diluted unit, versus $3.3M income last year, with the operating-to-net gap over 20% tied to $14.1M interest expense. Cash from operations swung to $(6.0)M from $10.1M y/y, free cash flow (derived) at $(6.8)M after $5.9M capex; debt climbed to $451.4M with $52K cash and $74.9M revolver availability under covenants. No M&A noted. Regulatory risks loom from tariffs hiking raw material costs.
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