Kilgore, Texas—Martin Midstream Partners LP’s Sulfur Services segment, which includes both fertilizer and sulfur, reported operating earnings of $3.36 million on sales of $50 million for the third quarter ending Sept. 30, 2014, up from the year-ago $753,000 and $42.1 million, respectively. Sulfur volumes were up 19 percent to 251,000 lt from 211,800 lt, while fertilizer were up 16 percent to 52,100 lt from 44,800 lt. Nine-month Sulfur Services operating income was up 11 percent to $21.7 million on sales of $166.8 million from the year-ago $19.6 million and $173.4 million. Sulfur volumes were up at 645,500 lt from 614,900 lt, while fertilizer was up as well at 233,100 lt from 219,800 lt. Company-wide, MMLP reported a third-quarter net loss of $26.9 million ($0.82 per diluted limited lp unit) on revenues of $390 million, down from the year-ago $192,000 ($0.01 per unit) and $359.6 million. MMLP attributed the loss to a $30.1 million non-cash reduction in the carrying value of its 42.2 percent investment in Cardinal Gas Storage Partners LLC. The reduction occurred as a result of MMLP’s purchase of the 57.8 percent controlling interest in Cardinal in August. MMLP reported a nine-month net loss of $16.1 million ($0.54 per unit) on sales of $1.3 billion compared to a year-ago income of $25.9 million ($0.95 per unit) and $1.15 billion, respectively.
Editor’s Note: This corrects an early version of this news brief, which erroneously referred to year-ago commentary on cash flow.