Martin Midstream Q3 net loss $28M ($0.71/unit); cuts FY22 adj. EBITDA guide to $116-121M

MARTIN MIDSTREAM PARTNERS L.P.

Net loss of $28.0M in Q3 2022 vs $6.9M loss in Q3 2021, including $21.8M inventory write-down.
Adjusted EBITDA of $18.8M in Q3 vs $21.5M prior year; T&S and Transportation outperformed, Sulfur and NGL weakened.
Q4 2022 adjusted EBITDA guidance lowered to $19-24M; full-year 2022 revised to $116-121M from prior $133-138M (pre-SG&A).
Total debt $547M at Sep 30, 2022; $44M liquidity; revolver matures Aug 2023; refinancing underway.
NGL segment had $18.5M non-cash inventory write-down; Sulfur segment also had $3.3M write-down and higher maintenance costs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MARTIN MIDSTREAM PARTNERS L.P. reported the quarter ended September 30, 2022 results: revenue $229.3 million, net income $28.0 million, EPS $0.71. Guidance lowered.

Period: the quarter ended September 30, 2022
Revenue: $229.3 million
Net income: $28.0 million
EPS: $0.71
Guidance: lowered
Result: reported results

Exact text from the filing

ended September 30, 2022 was $(3.5) million compared to $5.2 million for the three months ended September 30, 2021. Revenues for the three months ended September 30, 2022 were $229.3 million comp

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Source: SEC EDGAR

accession 0001176334-22-000194

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