Martin Midstream Q1 adj. EBITDA $40M, beats guidance; raises 2022 outlook to $110-120M

MARTIN MIDSTREAM PARTNERS L.P.

Net income $11.5M ($0.29/unit) vs $2.5M ($0.06/unit) YoY; revenue $279.2M, up 39%.
Adjusted EBITDA $40.0M, ~$10M above high end of Q1 guidance; full-year guidance raised to $110-120M.
Sulfur Services adj. EBITDA surged to $15.3M (from $9.2M) on strong fertilizer demand; Transportation rebounded to $10.5M.
Adjusted leverage fell from 4.19x (Dec. 2021) to 3.87x; total debt $489M, liquidity $107M.
Declared quarterly cash distribution of $0.005/unit, payable May 13, 2022 to holders of record May 6.

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