Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - MARTIN MIDSTREAM PARTNERS L.P. | exhibit991earningspressrel.htm |
| 8-K - 8-K - MARTIN MIDSTREAM PARTNERS L.P. | a20170930form8k-earningsre.htm |
MMLP 3Q 2017 ADJUSTED EBITDA COMPARISON TO GUIDANCE
Unallocated SG&A $(15.6) $(3.9) $(4.3)
Total Adjusted EBITDA $157.4 $30.3 $27.1
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportatio
n
SG&A
Interest
Expense
3Q17
Actual
Net income (loss) $7.3 $(6.4) $0.6 $(0.7) $(4.5) $(12.6) $(16.3)
Interest Expense Add-back -- -- -- -- -- $12.6 $12.6
Depreciation & amortization $6.2 $10.2 $2.0 $1.8 -- -- $20.2
(Gain) loss on sale of property, plant & equipment -- $0.2 -- -- -- -- $0.2
Hurricane damage repair accrual -- $3.7 -- -- -- -- $3.7
Asset retirement obligation revision -- $5.5 -- -- -- -- $5.5
Distributions from unconsolidated entities $1.7 -- -- -- -- -- $1.7
Equity in earnings of unconsolidated entities $(0.7) -- -- -- -- -- $(0.7)
Unit-based compensation -- -- -- -- $0.1 -- $0.1
Income tax expense -- -- -- -- $0.1 -- $0.1
Adjusted EBITDA $14.5 $13.2 $2.6 $1.1 $(4.3) $0.0 $27.1
Terminalling & Storage
2017E
Guidance
3Q17(1)
Guidance
3Q17(1)
Actual
Shore-Based Terminals $15.7 $4.0 $3.0
Martin Lubricants $9.4 $2.5 $2.3
Smackover Refinery $20.7 $5.0 $5.3
Specialty Terminals $13.3 $4.1 $2.6
Total T&S $59.1 $15.6 $13.2
Natural Gas Services
2017E
Guidance
3Q17
Guidance
3Q17
Actual
Cardinal $36.3 $8.7 $9.6
Butane $26.1 $0.7 $3.4
WTLPG $8.8 $2.6 $1.7
NGLs $2.5 $0.6 $(0.1)
Propane $3.2 $0.1 $(0.1)
Total NGS $76.9 $12.7 $14.5
Sulfur Services
2017E
Guidance
3Q17
Guidance
3Q17
Actual
Fertilizer $15.8 $0.4 $(0.2)
Molten Sulfur $6.6 $1.7 $1.3
Sulfur Prilling $7.4 $1.9 $1.5
Total Sulfur Services $29.8 $4.0 $2.6
Marine Transportation
2017E
Guidance
3Q17
Guidance
3Q17
Actual
Inland $9.6 $2.4 $2.0
Offshore $2.4 $0.7 $0.4
Marine USG&A $(4.8) $(1.2) $(1.3)
Total Marine $7.2 $1.9 $1.1
$ millions
(1) These figures include the incremental adjusted EBITDA associated with the thru-put from the
Partnership’s acquisition of certain asphalt terminalling assets located in Hondo, Texas commencing
July 1, 2017.
Exhibit 99.2
MMLP FULL YEAR 2017E ADJUSTED EBITDA GUIDANCE $ millions
Natural Gas Services 1Q17E 2Q17E 3Q17E 4Q17E 2017E
Cardinal $9.0 $9.2 $8.7 $9.4 $36.3
Butane $9.6 $0.5 $0.7 $15.3 $26.1
WTLPG $1.8 $1.5 $2.6 $2.9 $8.8
NGLs $0.5 $0.6 $0.6 $0.8 $2.5
Propane $1.8 $0.0 $0.1 $1.3 $3.2
Total NGS $22.7 $11.8 $12.7 $29.7 $76.9
Natural Gas
Services
Terminalling
& Storage(1)
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
2017E
Net income (loss) $47.5 $9.8 $21.5 $(1.2) $(17.1) $(45.6) $14.9
Interest expense add back -- -- -- -- -- $45.6 $45.6
Depreciation and amortization $28.0 $49.3 $8.3 $8.4 -- -- $94.0
Distributions from unconsolidated entities $8.8 -- -- -- -- -- $8.8
Equity in earnings of unconsolidated entities $(7.4) -- -- -- -- -- $(7.4)
Unit-based compensation -- -- -- -- $0.9 -- $0.9
Income tax expense -- -- -- -- $0.6 -- $0.6
Adjusted EBITDA $76.9 $59.1 $29.8 $7.2 $(15.6) $0.0 $157.4
Terminalling &
Storage (1)
1Q17E 2Q17E 3Q17E(1) 4Q17E(1) 2017E
Shore-Based Terminals $3.7 $4.0 $4.0 $4.0 $15.7
Martin Lubricants $2.3 $2.5 $2.5 $2.1 $9.4
Smackover Refinery $5.2 $5.3 $5.0 $5.2 $20.7
Specialty Terminals $2.6 $2.5 $4.1 $4.1 $13.3
Total T&S $13.8 $14.3 $15.6 $15.4 $59.1
Sulfur Services 1Q17E 2Q17E 3Q17E 4Q17E 2017E
Fertilizer $6.9 $6.9 $0.4 $1.6 $15.8
Molten Sulfur $1.6 $1.6 $1.7 $1.7 $6.6
Sulfur Prilling $1.9 $1.8 $1.9 $1.8 $7.4
Total Sulfur Services $10.4 $10.3 $4.0 $5.1 $29.8
Marine
Transportation
1Q17E 2Q17E 3Q17E 4Q17E 2017E
Inland $2.3 $2.4 $2.4 $2.5 $9.6
Offshore $0.5 $0.6 $0.7 $0.6 $2.4
Marine USG&A $(1.2) $(1.2) $(1.2) $(1.2) $(4.8)
Total Marine $1.6 $1.8 $1.9 $1.9 $7.2
Unallocated SG&A $(3.9) $(3.9) $(3.9) $(3.9) $(15.6)
Total Adjusted
EBITDA
$44.6 $34.3 $30.3 $48.2 $157.4
(1) These figures include the incremental adjusted EBITDA associated with the thru-put
from the Partnership’s acquisition of certain asphalt terminalling assets located in
Hondo, Texas commencing July 1, 2017.
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
9M 2017
Net income (loss) $29.8 $(3.2) $19.2 $0.0 $(12.8) $(34.7) $(1.7)
Interest expense add back -- -- -- -- -- $34.7 $34.7
Depreciation and amortization $18.6 $36.0 $6.1 $5.2 -- -- $65.9
(Gain) loss on sale of property, plant and equipment -- $0.2 -- $0.1 -- -- $0.3
Hurricane damage repair accrual -- $3.7 -- -- -- -- $3.7
Asset retirement obligation revision -- $5.5 -- -- -- -- $5.5
Unrealized mark-to-market on commodity derivatives $(4.0) -- -- -- -- -- $(4.0)
Distributions from unconsolidated entities $4.2 -- -- -- -- -- $4.2
Equity in earnings of unconsolidated entities $(2.5) -- -- -- -- -- $(2.5)
Unit-based compensation -- -- -- -- $0.5 -- $0.5
Income tax expense -- -- -- -- $0.3 -- $0.3
Adjusted EBITDA $46.1 $42.2 $25.3 $5.3 $(12.0) $0.0 $106.9
Natural Gas
Services
Terminalling
& Storage(1)
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
4Q2017E
Net income (loss) $22.1 $5.2 $3.0 $(0.2) $(4.3) $(11.8) $14.0
Interest expense add back -- -- -- -- -- $11.8 $11.8
Depreciation and amortization $7.1 $10.2 $2.1 $2.1 -- -- $21.5
Distributions from unconsolidated entities $2.9 -- -- -- -- -- $2.9
Equity in earnings of unconsolidated entities $(2.4) -- -- -- -- -- $(2.4)
Unit-based compensation -- -- -- -- $0.2 -- $0.2
Income tax expense -- -- -- -- $0.2 -- $0.2
Adjusted EBITDA $29.7 $15.4 $5.1 $1.9 $(3.9) $0.0 $48.2
MMLP 9 MONTHS ENDED 2017 ADJUSTED EBITDA
MMLP 4Q 2017E ADJUSTED EBITDA GUIDANCE
$ millions
(1) These figures include the incremental adjusted EBITDA associated with the thru-put from the Partnership’s acquisition of certain asphalt terminalling assets located in Hondo, Texas commencing July 1, 2017.
The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared
in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to analyze its performance. These include: (1)
net income before interest expense, income tax expense, and depreciation and amortization (“EBITDA”), and (2) adjusted
EBITDA. The Partnership's management views these measures as important performance measures of core profitability for its
operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The
Partnership's management believes investors benefit from having access to the same financial measures that management uses.
EBITDA and Adjusted EBITDA. Certain items excluded from EBITDA and adjusted EBITDA are significant components in
understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The
Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with
additional information to better understand the following: financial performance of the Partnership's assets without regard to financing
methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those
of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of
computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The
economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate
cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.
EBITDA and adjusted EBITDA should not be considered alternatives to, or more meaningful than, net income, cash flows from
operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these
measures may not be the same method used to compute similar measures reported by other entities.
USE OF NON-GAAP FINANCIAL INFORMATION