Martin Midstream Partners LP reported a doubling of the third-quarter operating income in its Sulfur Services segment, which includes both sulfur and fertilizer. Income rose to $2.3 million from the year-ago $1.12 million. Total revenues moved to $30.8 million, up from $21.9 million. Adjusted EBITDA was up $4.9 million from $4.2 million.
“Within the Sulfur Services segment, the pure sulfur business continues to improve along with increased refinery utilization,” said Martin President and CEO Bob Bundurant. “Further downstream, fertilizer sales and margins are outperforming as commodity prices remain strong for corn and cotton.”
While total volumes sold were up just 2 percent to 202,000 lt from 198,000 lt, fertilizer volumes were up 30 percent to 57,000 lt from 44,000 lt. Sulfur was off 6 percent to 145,000 lt from 154,000 lt.
Company-wide, Martin’s third-quarter net loss dropped to $6.9 million ($0.17 per diluted lp unit) on revenues of $211.3 million from the year-ago $10.8 million ($0.27 per unit) and $152.5 million, respectively. Adjusted EBITDA was $21.5 million, down from $22.5 million.
Nine-month Sulfur Services operating income was off 38 percent, to $15 million on revenues of $103.9 million from the year-ago $24.3 million and $83.6 million, respectively. Adjusted EBITDA was down at $22.9 million from $25 million.
Nine-month total volumes were off 16 percent to 600,000 lt from 712,000 lt, though fertilizer volumes were up 13 percent to 236,000 lt from 209,000 lt. Sulfur volumes were off 28 percent, to 364,000 lt from 503,000 lt.
Martin had a nine-month loss of $11 million ($0.28 per unit) on revenues of $596.5 million, compared to the year-ago loss of $4.2 million ($0.11 per unit) and $492 million, respectively. Adjusted EBITDA was $74.9 million, down from $77.5 million.