Global Partners Q2 Profit Doubles to $71M on Fuel Margins
GLP sits 23% above its 52-week low of $39.58.
Summary
Global Partners LP reported Q2 net income of $70.99 million, more than double the year-ago period, driven by higher fuel margins across gasoline distribution and wholesale. Sales of $6.79 billion missed the lone analyst estimate of $7.51 billion, but pretax profit of $76.26 million handily beat the $50.46 million consensus. The company also redeemed all outstanding Series B preferred units during the quarter, following the redemption announcement in late June. The strong margin performance reflects favorable market conditions in gasoline and bunkering, though the top-line miss and lack of guidance temper the outlook. With a single 'hold' rating and a P/E of 12x, the stock may re-rate if margin strength persists.
At the time of this announcement, GLP was trading at $48.52 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $39.58 to $53.25. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.