MMLP reports Q4 net loss $0.4M; exits butane optimization, refinances debt, guides 2023 EBITDA ~$115M

MARTIN MIDSTREAM PARTNERS L.P.

Q4 2022 net loss of $0.4M ($0.01/unit); adjusted EBITDA $17.8M vs $39.7M in Q4 2021.
Exiting butane optimization (Q4 neg. adj. EBITDA $10.7M, FY $7.2M); expects to sell remaining inventory by Q2 2023.
Closed $400M 5-year 2nd lien notes due 2028; repaid all 2024/2025 notes; revolver amended to $200M, maturity 2027.
S&P, Fitch, Moody's upgraded credit ratings to B-/B3 with stable outlook in Jan/Feb 2023.
FY 2023 guidance: Adj. EBITDA ~$115.3M (after butane exit), growth capex $17.5M, debt reduction ~$55M, leverage target 4.0x.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MARTIN MIDSTREAM PARTNERS L.P. reported the fourth quarter ended December 31, 2022 results: net income $0.4 million.

Period: the fourth quarter ended December 31, 2022
Net income: $0.4 million
Result: reported results

Exact text from the filing

Reported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December 31, 2022, respectively

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MARTIN MIDSTREAM PARTNERS L.P. reported the year ended December 31, 2022 results: net income $10.3 million.

Period: the year ended December 31, 2022
Net income: $10.3 million
Result: reported results

Exact text from the filing

Reported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December 31, 2022, respectively

View on SEC.gov

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Source: SEC EDGAR

accession 0001176334-23-000036

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