Global Partners delivers ‘solid’ 1Q performance
Global Partners LP, a Waltham company that owns, controls, or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast, said that sales for the first quarter increased to $5.6 billion from $4.0 billion for the same period in 2012, driven by increased volumes from the Partnership’s crude oil activities and the acquisition of Alliance Energy LLC.
Net income for the first quarter of 2013 was $14.8 million, or $0.51 per diluted limited partner unit, compared with net loss of $1.4 million, or $0.06 per limited partner unit, for the first quarter of 2012, the company said in a press release.
“Global Partners delivered a solid performance in the first quarter,” Eric Slifka, the partnership’s president and chief executive, said in a statement. “Each of our business segments posted double-digit percentage gains in net product margin in the quarter. Our performance was attributable primarily to our diverse product mix, our crude logistics activities, and our additional station count related to gas stations and convenience stores acquired in March 2012.”
Global Partners specializes in the logistics of transporting crude and other energy products by rail from the mid-continent of the US and Canada, establishing a ‘virtual pipeline’ from the mid-continent region of the US and Canada to refiners and other customers on the East and West coasts.