Martin Midstream Partners(MMLP)2025-02-12 21:03Financial Performance - For the fourth quarter of 2024, Martin Midstream Partners reported Adjusted EBITDA of 5.5 million below the annual guidance level[3]. - For the full year 2024, Martin Midstream Partners reported a net loss of 3.7 million in costs related to the termination of the Merger Agreement[4]. - The net loss for the year ended December 31, 2024, was 4,549 thousand in 2023, indicating an increase in losses of approximately 14.5%[57]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was 102.6 million for the same period in 2023, reflecting an increase of approximately 1.0%[26]. - Adjusted EBITDA for the year ended December 31, 2024, was 102,615 thousand in 2023, reflecting an increase of 7.7%[65]. - The company reported operating income of 66.724 million in 2023, highlighting a decline in operational efficiency[48]. - Cash provided by operating activities was 137,468 thousand in 2023[57]. - Distributable Cash Flow decreased to 32,775 thousand in 2023, a decline of 26.3%[66]. - Adjusted Free Cash Flow for the year ended December 31, 2024, was 21,732 thousand in 2023[66]. Debt and Liquidity - The total debt outstanding as of December 31, 2024, was approximately 80.7 million under the revolving credit facility[3]. - Total debt outstanding as of December 31, 2024, was 442.5 million as of December 31, 2023[28]. - The total adjusted leverage ratio increased to 3.96x as of December 31, 2024, compared to 3.75x a year earlier[28]. - The partnership's available liquidity from the revolving credit facility decreased to 109.0 million as of December 31, 2023[28]. - The partnership was in compliance with all debt covenants as of December 31, 2024, and December 31, 2023[28]. Segment Performance - The Transportation segment's Adjusted EBITDA for Q4 2024 was 11.2 million, primarily due to lower utilization of heated barges and impacts from Hurricane Milton[3][11]. - The Sulfur Services segment outperformed expectations with Adjusted EBITDA of 1.0 million, driven by a 14% increase in sulfur volumes compared to internal forecasts[3][4]. - Specialty Products Adjusted EBITDA increased by 2.6 million due to the exit from the butane optimization business[21]. - Revenues for the Terminalling and Storage Segment increased by 1% to 95,459 thousand in 2023[59]. - Operating income for the Terminalling and Storage Segment decreased by 24% to 14,532 thousand in 2023[59]. - Total revenues for the Sulfur Services Segment decreased by 8% to 140,995 thousand in 2023[62]. - Operating income for the Sulfur Services Segment increased by 6% to 17,412 thousand in 2023[62]. - Specialty Products Segment revenues decreased by 24% to 346,863 thousand in 2023[63]. - The total specialty products volumes decreased by 34% to 2,653 Bbls in 2024 from 4,048 Bbls in 2023[63]. Capital Expenditures and Guidance - Capital expenditures for Q4 2024 totaled 2.9 million allocated to growth projects and 109.1 million, with anticipated capital expenditures of 35.4 million of Adjusted EBITDA in 2025, while the Sulfur Services segment is expected to contribute 18.8 million[5]. Other Financial Metrics - The company made cash distributions of 57,706 thousand, slightly down from 624 thousand from its equity investment in DSM Semichem LLC for the year ended December 31, 2024[65]. - Unallocated selling, general, and administrative expenses decreased by 16,030 thousand in 2023 to $19,556 thousand in 2024[64]. - The company issued 86,280 time-based restricted units in 2024, up from 64,056 in 2023, reflecting an increase in equity compensation[57]. Forward-Looking Statements - Forward-looking statements indicate potential volatility in commodity prices and uncertainties regarding future cash flows and operations[33].