Global Partners Q4 Earnings Rise

(RTTNews) - Global Partners LP (GLP), a midstream logistics and marketing company, Monday reported increased profit for the fourth quarter, reflecting lower cost of sales. Sales, however, declined for the three-month period.

"Global's financial and operational performance in 2013 benefitted from product diversification that helped generate higher volumes and margins," said President and Chief Executive Officer Eric Slifka

The company reported a net profit of $33.03 million or $1.20 per share, up from $22.73 million or $0.81 per share a year earlier.

Cost of sales decreased to $4.66 billion from $5.012 billion a year ago. In addition, the company said the financial results for the fourth quarter benefited from a $9.5 million decline in the mark-to-market liability related to the Partnership's Renewable Volume Obligation.

For the three months to December, EBITDA rose to $64.86 million from $47.09 million a year earlier.

Sales, however, declined to $4.795 billion from $5.117 billion in the same period last year.

For the full year 2014, the company expects EBITDA in the range of $175 million to $195 million.