Global Partners Q3 Profit Rises, Revenue Slides - Quick Facts

(RTTNews) - Global Partners LP (GLP) said third-quarter net income attributable to the company grew to $42.5 million, or $1.50 per limited partner unit from $25.8 million or $0.91 per limited partner unit in the prior year.

Sales fell to $4.05 billion from $4.43 billion for the same period in 2013. Analysts expected revenues of $5.05 billion.

Combined product margin was $170.3 million, compared to $133.5 million for the third quarter of 2013.

Eric Slifka, the Partnership's President and Chief Executive Officer, said, "We reported strong results in the third quarter, posting solid margin gains in our Wholesale and Gasoline Distribution and Station Operations segments."

He added that the performance reflected higher throughput at crude oil transload facilities, increases in wholesale gasoline and gasoline blendstocks product margin and increased profitability in retail gasoline and convenience store business.

Based on performance through the first three quarters of 2014, the firm increased its full-year EBITDA guidance to a range of $215 million to $230 million.