Martin Midstream Partners misses Q3 estimates, shares edge higher

KILGORE, Texas - Martin Midstream (NASDAQ:MMLP ) Partners L.P. (NASDAQ:MMLP) reported third quarter results that fell short of analyst expectations, but shares ticked up slightly, by 0.75%, in after-hours trading.

The midstream energy company posted a net loss of $3.3 million, or $0.08 per unit, for Q3 2024. This missed the analyst estimate for a loss of $0.03 per unit. Revenue came in at $170.9 million, below the consensus forecast of $180.23 million.

Adjusted EBITDA for the quarter was $25.1 million, down from $26.2 million in the same period last year. The company said results were impacted by an additional $1.4 million in expenses related to long-term incentive plans.

"I am pleased with the Partnership's third quarter financial results of $25.1 million in adjusted EBITDA despite the slight miss of $1.3 million when compared to guidance targeting $26.4 million in adjusted EBITDA," said Bob Bondurant, President and CEO.

The company declared a quarterly cash distribution of $0.005 per common unit.

Martin Midstream Partners also noted that on October 3, it entered into a definitive agreement to be acquired by Martin Resource Management Corporation for all outstanding units not already owned by MRMC.

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Source: Investing.com