Financial Performance - Total revenues for the three months ended September 30, 2024, were $170,934, a decrease of 3.3% compared to $176,697 for the same period in 2023[10] - The company reported a net loss of $3,239 for the three months ended September 30, 2024, compared to a net loss of $1,036 for the same period in 2023[10] - Operating income for the nine months ended September 30, 2024, was $50,473, an increase from $49,538 for the same period in 2023[10] - The net income for the nine months ended September 30, 2024, was $3,734 thousand, compared to a net loss of $(5,066) thousand for the same period in 2023[18] - The company reported a decrease in revenues for the three and nine months ended September 30, 2024, compared to the same periods in 2023, although specific figures were not provided[156] - Operating revenues for the three months ended September 30, 2024, were $176,495 thousand, a decrease of 2.4% compared to $181,811 thousand for the same period in 2023[157] - For the nine months ended September 30, 2024, total revenues were $553,228 thousand, a decrease of 13.2% from $637,154 thousand in the same period of 2023[160] Debt and Liabilities - Long-term debt increased to $469,269 as of September 30, 2024, compared to $421,173 as of December 31, 2023, reflecting a rise of 11.4%[9] - The company’s total liabilities increased to $616,099 as of September 30, 2024, from $573,999 as of December 31, 2023, an increase of 7.3%[9] - Total contractual cash obligations as of September 30, 2024, amounted to $712.1 million, with $67.1 million due within one year[197] - The company had $86.5 million outstanding under its $150.0 million credit facility, leaving $54.4 million available for future borrowings as of September 30, 2024[198] - The company is in compliance with all debt covenants as of September 30, 2024, and anticipates remaining compliant for the next twelve months[202] Cash Flow and Liquidity - The company reported net cash provided by operating activities of $6,184 thousand for the nine months ended September 30, 2024, a significant decrease from $106,065 thousand in the prior year[18] - Net cash provided by operating activities decreased by $99.9 million, a 94% decline, primarily due to a $101.1 million unfavorable variance in cash flows associated with changes in working capital[195] - Net cash used in investing activities increased by $27.2 million, driven by higher capital expenditures and plant turnaround costs, which rose by $16.0 million[196] - Net cash provided by financing activities increased by $127.0 million, primarily due to a decrease in long-term debt borrowings of $293.4 million[196] - The company expects to meet operating expenses and service its indebtedness primarily through cash flows generated from operations and borrowings under its credit facility[202] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $62,363, a decrease from $64,375 for the same period in 2023[10] - Operating expenses for the nine months ended September 30, 2024, increased to $45,414 thousand from $43,318 thousand in the same period of 2023, a rise of 4.8%[170] - Selling, general, and administrative expenses for the three months ended September 30, 2024, totaled $12,215,000, up from $8,477,000 in the prior year[94] - The partnership's operating expenses for transportation increased to $19,257,000 in the three months ended September 30, 2024, compared to $18,531,000 in the same period of 2023[93] Revenue Segments - Throughput and storage revenue for the Terminalling and Storage segment was $22,562,000 in Q3 2024, up from $22,202,000 in Q3 2023, representing a growth of 1.6%[26] - Land transportation revenue was $40,514,000 in Q3 2024, slightly down from $40,965,000 in Q3 2023, indicating a decrease of 1.1%[26] - Inland marine transportation revenue increased to $14,146,000 in Q3 2024 from $12,658,000 in Q3 2023, reflecting a growth of 11.7%[26] - Sulfur product sales reached $8,585,000 in Q3 2024, compared to $8,453,000 in Q3 2023, showing an increase of 1.6%[26] - Fertilizer product sales decreased significantly to $12,598,000 in Q3 2024 from $20,766,000 in Q3 2023, a decline of 39.4%[26] - Natural gas liquids product sales rose to $35,940,000 in Q3 2024 from $31,225,000 in Q3 2023, marking an increase of 15.0%[26] Capital Expenditures - Total capital expenditures and plant turnaround costs for the three months ended September 30, 2024, amounted to $12,535,000[96] - Capital expenditures and plant turnaround costs for the nine months ended September 30, 2024, were $43,132, compared to $28,081 for the same period in 2023, indicating a significant increase of approximately 53.6%[98][99] - The company expects to fund approximately $27.0 million in capital expenditures for the electronic level sulfuric acid joint venture, with $26.4 million already funded as of September 30, 2024[125] Related Party Transactions - Related party transactions accounted for approximately 31% of total costs and expenses for the three months ended September 30, 2024, compared to 29% in 2023[135] - Sales to Martin Resource Management Corporation represented approximately 15% of total revenues for both the three months ended September 30, 2024, and 2023[136] - The company reimbursed Martin Resource Management Corporation $46.2 million for direct costs for the three months ended September 30, 2024, compared to $43.2 million in 2023, reflecting a 6.9% increase[132] Environmental and Legal Matters - The company is currently addressing an environmental spill incident and has recorded a deductible expense of $1.5 million related to insurance claims[207] - The partnership is involved in ongoing litigation related to a customer in its lubricants packaging business, with a trial expected in the second half of 2025[102] - No material environmental costs were incurred during the nine months ended September 30, 2023[208] Mergers and Acquisitions - Martin Resource Management Corporation proposed to acquire all outstanding common units of the Partnership not already owned, with a merger agreement signed on October 3, 2024[115] - Each public common unit will be converted into the right to receive $4.02 in cash as part of the merger agreement[116] Miscellaneous - The effective income tax rate for the taxable subsidiary for the three months ended September 30, 2024, was 33.36%, up from 23.96% in the same period of 2023[109] - The partnership completed its exit from the butane optimization business in Q2 2023, transitioning to a fee-based butane logistics model, which is expected to reduce commodity risk exposure and earnings volatility[24]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum [2] Group 2: Martin Midstream Partners L.P. (MMLP) Analysis - MMLP has shown a price increase of 9.9% over the past four weeks and 12.8% over the past 12 weeks, indicating strong investor interest [2] - MMLP has a beta of 2.12, suggesting it moves 112% higher than the market, reflecting fast-paced momentum [3] - The stock has a Momentum Score of A, indicating a favorable entry point for investors [3] - MMLP has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investor interest [3] - The stock is trading at a Price-to-Sales ratio of 0.22, indicating it is undervalued at 22 cents for each dollar of sales [3] Group 3: Additional Investment Opportunities - Besides MMLP, there are other stocks that meet the criteria of "Fast-Paced Momentum at a Bargain" [4] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [4]

Financial Data and Key Metrics Changes - For Q3 2024, the company reported adjusted EBITDA of $25.1 million, falling short of guidance by $1.3 million, which was initially set at $26.4 million [4] - The primary reason for the shortfall was an increase in expenses related to long-term incentive plans, resulting in an additional $1.4 million in expenses compared to guidance [4] - The total long-term debt outstanding as of September 30, 2024, was $486.5 million, with a bank compliant adjusted leverage ratio of 4.14 times and interest coverage of 2.23 times [12][13] Performance by Business Segment - The Transportation segment was the largest cash flow generator with adjusted EBITDA of $11.6 million, exceeding guidance of $10.8 million [5] - The Terminalling and Storage segment had adjusted EBITDA of $8.4 million, missing guidance of $9 million due to increased incentive compensation expenses [6] - The Specialty Products segment reported adjusted EBITDA of $4.6 million, significantly below guidance of $6.5 million, primarily due to weak demand in packaged lubricants and grease [7] - The Sulfur Services segment achieved adjusted EBITDA of $4.2 million, surpassing guidance of $3.7 million, driven by strong sulfur production volumes [8] Market Data and Key Metrics Changes - The average inland day rate for marine transportation exceeded forecast by 8%, contributing to stable cash flow expectations for the fourth quarter [5] - The fertilizer group experienced a 27% decrease in volume sold compared to forecast, although gross margin per ton improved [9] Company Strategy and Industry Competition - The company is focused on maintaining adjusted EBITDA guidance for full-year 2024 at $116.1 million, with slight adjustments for marine and sulfur services divisions [14] - The pending transaction with Martin Resource Management Corporation (MRMC) is expected to deliver nearly a dollar more per unit than the initial proposal, with further details to be provided in an upcoming proxy statement [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding sulfur production levels from refinery customers, anticipating continued strong performance in the fourth quarter [9] - The company acknowledged the impact of a slowing U.S. economy on demand for specialty products, particularly lubricants and greases, which may lead to softer cash flow in the fourth quarter [7] Other Important Information - Capital expenditures for Q3 totaled $12.5 million, with a forecast for full-year 2024 capital expenditures now totaling $57.4 million [13][14] - The company plans to allocate between $0.5 million and $1 million for repairs related to minor damage from Hurricane Milton [16] Q&A Session Summary Question: Will the hurricane have implications for cash flow and capital allocation? - Management indicated a CapEx outlay of $0.5 million to $1 million for repairs, but does not expect significant commercial impact [16] Question: Update on the ELSA project and future growth prospects? - The ELSA plant is expected to start taking feedstock soon, but sales in 2025 may not be as robust as previously hoped due to delays [17][18] Question: Current rates and contracting updates for the barge business? - Rates for heated transportation are currently $11,000 to $11,500 per day, showing a $2,000 increase from last year, while clean rates remain stable [20][21] Question: Will the merger vote require a simple majority? - Management confirmed that the vote will be a simple majority [22] Question: Preliminary thoughts on capital spending for 2025? - Management anticipates lower growth capital needs for 2025 compared to 2024, with maintenance CapEx expected to be under $34.8 million [23] Question: Free cash flow outlook for 2025? - Management indicated that free cash flow generation is expected to improve in 2025, with projections around $30 million [24] Question: Impact of acquisition financing on MMLP's capital structure? - Management clarified that MMLP's capital structure will remain unchanged post-transaction, with no new borrowings planned for acquisition financing [25][26]

Despite Repeated Requests and Superior Value Being Offered to MMLP Unitholders, Martin Midstream GP LLC's Conflicts Committee Refuses to Meet with Nut Tree and Caspian Directly NEW YORK, July 29, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), today sent a letter to the Conflicts Committee of the Board of Directors (the "Conflicts Committee") of Martin Midstream GP LLC (the "General Partner") notifying the Conflicts Committee of an increase to their f ...

Financial Performance - The company reported a net income of $6,912,000 for the three months ended June 30, 2024, compared to a net income of $1,059,000 for the same period in 2023, indicating a significant increase[40]. - Net income for the three months ended June 30, 2024, was $3,780,000, compared to a net income of $1,081,000 for the same period in 2023, representing a significant increase of 249%[122]. - Limited partners' interest in net income for the six months ended June 30, 2024, was $6,884,000, compared to a loss of $3,913,000 for the same period in 2023, indicating a turnaround in performance[122]. - Total revenue for the six months ended June 30, 2024, was $431,759,000, compared to $348,049,000 for the same period in 2023, representing a 24% increase[54]. - Total operating revenues for the three months ended June 30, 2024, were $195,636, a decrease of 2.1% compared to the same period in 2023[200]. Assets and Liabilities - As of June 30, 2024, total assets increased to $535,078,000 from $509,375,000 as of December 31, 2023, representing a growth of approximately 5.1%[37]. - Current liabilities decreased to $98,709,000 as of June 30, 2024, down from $100,564,000 at the end of 2023, reflecting a reduction of about 1.8%[37]. - Long-term debt increased to $439,397,000 as of June 30, 2024, compared to $421,173,000 as of December 31, 2023, marking an increase of approximately 4.3%[37]. - Total liabilities increased to $592,944,000 from $573,999,000, reflecting a rise of approximately 3.3%[37]. - The partners' capital deficit improved to $(57,866,000) as of June 30, 2024, from $(64,624,000) at the end of 2023, indicating a reduction of about 10.5%[37]. Revenue and Sales - Revenue for the three months ended June 30, 2024, was reported at $13,650,000, compared to $16,074,000 for the same period in 2023, indicating a decline of approximately 15.0%[47]. - Product sales for the six months ended June 30, 2024, were $13,485,000, with a notable increase in sulfur services revenue to $34,770,000[54]. - Revenues from terminalling and storage services for the three months ended June 30, 2024, were $18,078,000, slightly up from $18,077,000 in the same period of 2023[176]. - The sulfur services segment reported operating revenues of $70,873,000 for the six months ended June 30, 2024, reflecting stable demand in this area[200]. - The transportation segment generated operating revenues of $115,983,000 for the six months ended June 30, 2024, demonstrating strong performance in logistics[200]. Investments and Expenditures - The company has invested $7,938,000 in DSM Semichem LLC as of June 30, 2024, indicating a new strategic investment[37]. - The partnership contributed $6,500,000 in cash to DSM Semichem LLC for a 10% non-controlling interest, along with approximately 22 acres of land[187]. - The company expects to fund approximately $27.0 million in capital expenditures related to the electronic level sulfuric acid joint venture[116]. - Capital expenditures and plant turnaround costs for the six months ended June 30, 2024, totaled $30,597,000, representing a significant investment in operational capacity[200]. - Total capital expenditures for the three months ended June 30, 2024, were $9,795,000, highlighting ongoing investments in infrastructure[200]. Operating Expenses - Operating lease costs for the three months ended June 30, 2024, were $6,559,000, compared to $5,013,000 for the same period in 2023, reflecting a 30.8% increase[75]. - The partnership's operating expenses for transportation in the three months ended June 30, 2024, were $19,814,000, compared to $17,951,000 for the same period in 2023[178]. - The partnership's operating expenses for sulfur services in the three months ended June 30, 2024, were $1,050,000, down from $1,590,000 in the same period of 2023[178]. - The partnership's indirect selling, general, and administrative expenses for the six months ended June 30, 2024, were $15,501,000[198]. - The company reimbursed Martin Resource Management Corporation $42.9 million for direct costs and expenses for the three months ended June 30, 2024, compared to $38.6 million for the same period in 2023[98]. Cash Distributions - A quarterly cash distribution of $0.005 per common unit was declared for the second quarter of 2024, amounting to an annualized rate of $0.020 per common unit[117]. - Cash distributions for the period were $390 million, compared to $195 million in the previous year, indicating an increase of 100%[40]. Related Party Transactions - Related party transactions accounted for approximately 28% of total costs and expenses for the three months ended June 30, 2024, compared to 24% for the same period in 2023[102]. - Sales to Martin Resource Management Corporation represented approximately 14% of total revenues for the three months ended June 30, 2024, down from 17% in 2023[102]. - The Partnership reimbursed Martin Resource Management Corporation for $3,377,000 and $3,496,000 of indirect expenses for the three months ended June 30, 2024 and 2023, respectively[166]. Compensation and Equity - Total unit-based compensation expense for the three months ended June 30, 2024, was $1,444,000, compared to a negative expense of $1,536,000 for the same period in 2023, reflecting improved compensation management[124]. - As of June 30, 2024, there were $3,543,000 of unrecognized compensation costs related to non-vested phantom unit awards, expected to be recognized over a remaining life of 1.90 years[128]. - The total weighted average limited partner diluted units outstanding for the three months ended June 30, 2024, was 38,891,375, an increase from 38,777,600 for the same period in 2023[136]. - The Partnership's general partner owns a 2.0% general partner interest, with Martin Resource Management Corporation holding 15.7% of total outstanding common limited partner units as of June 30, 2024[135]. - The Partnership's phantom unit awards are recorded in operating expense and selling, general and administrative expense based on the fair value of the vested portion on the balance sheet date[142].

Nut Tree and Caspian Call for Any Transaction with MRMC be Subject to Approval of Majority of Unaffiliated Common Unit Holders The full text of the letter is below: Dear Members of the Conflicts Committee: As you know, MRMC made an offer to purchase MMLP for $3.05 per common unit in a related-party transaction: the General Partner is wholly owned and controlled by MRMC and its subsidiaries, and Ruben Martin, III serves as Chairman of the Board of Directors of the General Partner and the President, Chief Exe ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $31.7 million for Q2 2024, exceeding guidance of $31.2 million by $0.5 million despite two casualty losses totaling $2 million [15] - Total long-term debt increased to $458 million, an $8 million rise from the previous quarter [18] - The bank compliant adjusted leverage ratio was 3.88 times, with an interest coverage ratio of 2.21 times [18] Business Line Data and Key Metrics Changes - The Transportation segment generated adjusted EBITDA of $11.2 million, surpassing guidance of $10.2 million, with land transportation specifically achieving $8.2 million against a forecast of $6.5 million [15] - The Sulfur Services segment had adjusted EBITDA of $10.6 million, exceeding guidance of $9.8 million, driven by strong sulfur production volumes [7] - The Specialty Products segment reported adjusted EBITDA of $5.7 million, slightly above guidance of $5.6 million, with performance driven by improved margins in the grease business [8] Market Data and Key Metrics Changes - The fertilizer group achieved adjusted EBITDA of $6.7 million, meeting guidance, despite a 15% decrease in volume sold compared to forecasts [7] - The Marine Transportation business had adjusted EBITDA of $2.9 million, below guidance of $3.8 million, primarily due to a casualty loss from a bridge allision [6] Company Strategy and Development Direction - The company is optimistic about maintaining or exceeding guidance in the sulfur production segment, contingent on Gulf Coast weather conditions [7] - Capital expenditures for 2024 have been adjusted to $58.4 million, up from $49.4 million, reflecting increased spending on growth projects [9][35] - The company is focused on improving operational efficiency by replacing older equipment with new, which is expected to continue positively impacting operating expenses [15] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in chemicals and lubricants but remains confident in achieving guidance for the land transportation business [6] - The company anticipates a seasonal trough in cash flow for the fertilizer business as farmers transition from planting to harvesting [7] - Management expressed that barring unusual operating or weather events, Q3 performance should approximate guidance [8] Other Important Information - The company has accrued full deductibles related to casualty losses, indicating no further economic impact expected from these incidents [12] - The ELSA project is on track, with expectations to begin shipping in mid-August [19] Q&A Session All Questions and Answers Question: Update on ELSA timing and contracts - Management confirmed all contracts are in place, with no spot market exposure, and most contracts extend through the end of the year [10] Question: Impact of bridge incident and pipeline leak - Management indicated that remediation is ongoing, but they do not expect significant lingering impacts [21][38] Question: Expectations for refinery turnarounds - Typically, turnarounds occur late in Q3 or early Q4, but no specific impacts are known at this time [24] Question: Update on buyout offer timeline - Management stated they cannot provide a timeline for the ongoing negotiations regarding the buyout offer [25] Question: Fundamentals of land transportation performance - Management noted strong performance in April and May, with a seasonal slowdown in June, but expects an uptick in August as operations normalize [26] Question: Thoughts on leverage ratio with increased CapEx - Management anticipates exiting the year with a leverage ratio around 3.88 times, consistent with current levels [28] Question: Returns expected from additional investment in fertilizer business - Management expects a $600,000 to $800,000 increase in revenue from the new storage capacity in the Illinois area [42] Question: ELSA project EBITDA expectations - Management expects to see $0.9 million of EBITDA from the ELSA project in Q4, with additional revenue streams anticipated as operations ramp up [43][44]

Operating Income (Loss) ($M) • Net income of $3.8 million and $7.1 million for the three and six months ended June 30, 2024, respectively • Adjusted EBITDA of $31.7 million and $62.1 million for the three and six months ended June 30, 2024, respectively • Total adjusted leverage of 3.88 times as of June 30, 2024 • Declares quarterly cash dividend of $0.005 per common unit Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "For the ...

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

MMLP-F | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------|--------------------------|---------------------------------| | Assets | March | 31, 2024 \n(Unaudited) | December 31, 2023 \n(Audited) | | Cash Accounts and other receivables, less allowance for doubtful accounts of $511 and $530, | $ | 54 | $ 54 | | respectively | | 58,019 | 53,293 | | Inventories | | 41,410 | 43,822 | | Due from affiliates | | 6 ...