Kilgore, Texas-Martin Midstream Partners LP reported third-quarter net income of $13.7 million ($.88 per lp unit) on sales of $364.4 million for the third quarter ending Sept. 30, 2008, up from the year-ago $5.5 million ($.35 per unit) and $184.8 million, respectively. Nine-month net income was $26.1 million ($1.64 per unit) on sales of $985.5 million, versus the year-ago $17.2 million ($1.17 per unit) and $502.9 million, respectively. Third-quarter sales from the Sulfur Services division were $133.3 million, up from the year-ago $29.9 million. Nine-month Sulfur Services sales were $289.6 million, up from $89.6 million. Looking ahead to the fourth quarter, MMLP said it expects to be the beneficiary of a favorable contract in the Sulfur Services business, which should result in considerable improvement in overall earnings to the company. It said this improvement should provide the company with excess cash flow to strengthen its capital position given the current difficult capital markets. While MMLP expects to see a slowdown in some of its businesses such as the international sulfur market, it expects its diversification to largely mitigate the effects of the slowdown.
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