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. | a20180331form8k-earningsre.htm |
1
Unallocated SG&A $(15.4) $(3.8) $(4.1)
Total Adjusted EBITDA $156.1 $43.9 $44.7
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
1Q18
Actual
Net income (loss) $18.2 $3.6 $7.7 $0.4 $(4.4) $(12.7) $12.8
Interest Expense Add-back -- -- -- -- -- $12.7 $12.7
Depreciation & amortization $5.3 $10.1 $2.1 $1.7 -- -- $19.2
Unrealized mark-to-market on commodity derivatives $(0.2) -- -- -- -- -- $(0.2)
Distributions from unconsolidated entities $1.5 -- -- -- -- -- $1.5
Equity in earnings of unconsolidated entities $(1.6) -- -- -- -- -- $(1.6)
Unit-based compensation -- -- -- -- $0.1 -- $0.1
Income tax expense -- -- -- -- $0.2 -- $0.2
Adjusted EBITDA $23.2 $13.7 $9.8 $2.1 $(4.1) $0.0 $44.7
Terminalling & Storage
2018E
Guidance
1Q18
Guidance
1Q18
Actual
Shore-Based Terminals $12.4 $3.1 $2.5
Martin Lubricants $11.5 $2.9 $2.2
Smackover Refinery $19.9 $4.8 $5.4
Specialty Terminals $10.2 $2.3 $2.4
Hondo Asphalt $4.8 $1.2 $1.2
Total T&S $58.8 $14.3 $13.7
Natural Gas Services
2018E
Guidance
1Q18
Guidance
1Q18
Actual
Cardinal Gas Storage $31.0 $9.7 $10.2
Butane $26.1 $9.1 $9.1
WTLPG $8.5 $1.5 $1.4
NGLs $1.5 $0.4 $0.0
Propane $2.6 $1.2 $2.5
Total NGS $69.7 $21.9 $23.2
Sulfur Services
2018E
Guidance
1Q18
Guidance
1Q18
Actual
Fertilizer $21.4 $6.8 $6.8
Molten Sulfur $6.1 $1.6 $2.0
Sulfur Prilling $7.0 $1.6 $1.0
Total Sulfur Services $34.5 $10.0 $9.8
Marine Transportation
2018E
Guidance
1Q18
Guidance
1Q18
Actual
Inland $9.4 $1.8 $2.1
Offshore $3.5 $0.8 $1.0
Marine USG&A $(4.4) $(1.1) $(1.0)
Total Marine Transportation $8.5 $1.5 $2.1
$ millions
MMLP 1Q 2018 ADJUSTED EBITDA COMPARISON TO GUIDANCE Exhibit 99.2
2
$ millions
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
2018E
Net income (loss) $42.5 $22.4 $23.0 $1.4 $(16.0) $(52.7) $20.6
Interest expense add back -- -- -- -- -- $52.7 $52.7
Depreciation and amortization $25.1 $36.4 $11.5 $7.1 -- -- $80.1
Distributions from unconsolidated entities $8.4 -- -- -- -- -- $8.4
Equity in earnings of unconsolidated entities $(6.3) -- -- -- -- -- $(6.3)
Unit-based compensation -- -- -- -- -- -- --
Income tax expense -- -- -- -- $0.6 -- $0.6
Adjusted EBITDA $69.7 $58.8 $34.5 $8.5 $(15.4) $0.0 $156.1
Natural Gas
Services
1Q18E 2Q18E 3Q18E 4Q18E 2018E
Cardinal Gas
Storage
$9.7 $8.6 $6.4 $6.3 $31.0
Butane $9.1 $1.3 $1.5 $14.2 $26.1
WTLPG $1.5 $1.6 $2.5 $2.9 $8.5
NGLs $0.4 $0.4 $0.4 $0.3 $1.5
Propane $1.2 $0.2 $0.2 $1.0 $2.6
Total NGS $21.9 $12.1 $11.0 $24.7 $69.7
Terminalling &
Storage
1Q18E 2Q18E 3Q18E 4Q18E 2018E
Shore-Based
Terminals
$3.1 $3.1 $3.1 $3.1 $12.4
Martin Lubricants $2.9 $3.2 $3.0 $2.4 $11.5
Smackover
Refinery
$4.8 $5.1 $5.0 $5.0 $19.9
Specialty Terminals $2.3 $2.5 $2.6 $2.8 $10.2
Hondo Asphalt $1.2 $1.2 $1.2 $1.2 $4.8
Total T&S $14.3 $15.1 $14.9 $14.5 $58.8
Sulfur
Services
1Q18E 2Q18E 3Q18E 4Q18E 2018E
Fertilizer $6.8 $6.1 $4.9 $3.6 $21.4
Molten Sulfur $1.6 $1.5 $1.5 $1.5 $6.1
Sulfur Prilling $1.6 $1.8 $1.8 $1.8 $7.0
T tal Sulfur
Services
$10.0 $9.4 $8.2 $6.9 $34.5
Marine
Transportation
1Q18E 2Q18E 3Q18E 4Q18E 2018E
Inland $1.8 $2.5 $2.5 $2.6 $9.4
Offshore $0.8 $0.9 $0.9 $0.9 $3.5
Marine USG&A $(1.1) $(1.1) $(1.1) $(1.1) $(4.4)
Total Marine
Transportation
$1.5 $2.3 $2.3 $2.4 $8.5
MMLP FULL YEAR 2018E ADJUSTED EBITDA GUIDANCE
Unallocated SG&A $(3.8) $(3.8) $(3.9) $(3.9) $(15.4)
Total Adjusted
EBITDA
$43.9 $35.1 $32.5 $44.6 $156.1
$ millions
3
Natural Gas
Services
Terminalling
& Storage
Sulfur Services
Marine
Transportation
SG&A
Interest
Expense
2Q2018E
Net income (loss) $5.5 $6.0 $6.6 $0.5 $(4.0) $(12.3) $2.3
Interest expense add back -- -- -- -- -- $12.3 $12.3
Depreciation and amortization $6.3 $9.1 $2.8 $1.8 -- -- $20.0
Distributions from unconsolidated entities $1.6 -- -- -- -- -- $1.6
Equity in earnings of unconsolidated entities $(1.3) -- -- -- -- -- $(1.3)
Unit-based compensation -- -- -- -- -- -- $0.0
Income tax expense -- -- -- -- $0.2 -- $0.2
Adjusted EBITDA $12.1 $15.1 $9.4 $2.3 $(3.8) $0.0 $32.5
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
3Q2018E
Net income (loss) $4.7 $5.8 $5.4 $0.5 $(4.0) $(12.5) $(0.1)
Interest expense add back -- -- -- -- -- $12.5 $12.5
Depreciation and amortization $6.3 $9.1 $2.8 $1.8 -- -- $20.0
Distributions from unconsolidated entities $2.4 -- -- -- -- -- $2.4
Equity in earnings of unconsolidated entities $(2.4) -- -- -- -- -- $(2.4)
Unit-based compensation -- -- -- -- -- -- $0.0
Income tax expense -- -- -- -- $0.1 -- $0.1
Adjusted EBITDA $11.0 $14.9 $8.2 $2.3 $(3.9) $0.0 $32.5
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
Interest
Expense
4Q2018E
Net income (loss) $16.9 $5.5 $4.0 $0.6 $(4.0) $(12.7) $10.3
Interest expense add back -- -- -- -- -- $12.7 $12.7
Depreciation and amortization $6.2 $9.0 $2.9 $1.8 -- -- $19.9
Distributions from unconsolidated entities $2.9 -- -- -- -- -- $2.9
Equity in earnings of unconsolidated entities $(1.3) -- -- -- -- -- $(1.3)
Unit-based compensation -- -- -- -- -- -- $0.0
Income tax expense -- -- -- -- $0.1 -- $0.1
Adjusted EBITDA $24.7 $14.5 $6.9 $2.4 $(3.9) $0.0 $44.6
MMLP 3Q 2018E ADJUSTED EBITDA GUIDANCE
MMLP 4Q 2018E ADJUSTED EBITDA GUIDANCE
MMLP 2Q 2018E ADJUSTED EBITDA GUIDANCE $ millions
4
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