Core Viewpoint - Adams Resources & Energy, Inc. reported a net loss of $2.2 million for Q2 2024, despite total revenues of $718.5 million, and declared a quarterly cash dividend of $0.24 per common share [1][2][3]. Financial Summary - Total revenue for Q2 2024 was $718.5 million, compared to $624.8 million in Q2 2023, reflecting an increase [2]. - The company experienced a net loss of $2.2 million, or $0.87 per common share, compared to a profit of $0.83 million in the same quarter last year [2][21]. - EBITDA for the quarter was $3.7 million, while adjusted EBITDA was $4.2 million, excluding inventory valuation losses [2][21]. - Cash and cash equivalents increased to $38.5 million from $33.3 million at the end of 2023, with total liquidity rising to $88.5 million [2][3]. Operational Highlights - GulfMark Energy, the crude oil marketing subsidiary, marketed 67,099 barrels per day in Q2 2024, down from 92,152 bpd in Q2 2023 [4]. - The throughput in the crude oil pipeline and storage segment was 13,881 bpd, up from 8,560 bpd in Q2 2023 [5]. - The collective fleet of Service Transport traveled 6.32 million miles, slightly up from 6.30 million miles in Q2 2023 [4]. Capital Investments and Dividends - Capital expenditures for Q2 2024 totaled $2.4 million, primarily for equipment purchases and ongoing construction of the Dayton facility [6][7]. - The company declared a quarterly cash dividend of $0.24 per common share, payable on September 27, 2024 [7]. Management Commentary - The CEO noted that the results reflect ongoing weakness in the specialty chemicals market due to lower demand and inflationary pressures, but expressed optimism for improvement in the latter half of 2024 and early 2025 [3]. - The increase in earnings from crude oil marketing operations was highlighted, as higher oil prices offset lower volumes from exiting the Red River operations [3].
Adams Resources & Energy, Inc. Announces Second Quarter 2024 Results and Declares Quarterly Dividend