Martin Midstream Partners LP, Kilgore, Texas, reported full-year 2017 Sulfur Services operating income was off 4 percent, to $25.9 million on total revenues of $134.7 million from 2016’s $26.8 million and $141 million, respectively. Total fertilizer and sulfur volumes were up 2 percent, to 1.083 million lt from 2016’s 1.059 million lt. Fertilizer volumes were up 5 percent, to 276,000 lt from 262,000 lt, while sulfur was up 1 percent, to 807,000 lt from 797,000 lt.
Martin said the Sulfur Services segment, which includes both sulfur and fertilizer, posted a strong fourth quarter, exceeding cash flow guidance by $3.6 million, or 70.6 percent. This was primarily due to stronger-than-forecasted fertilizer margins as product volume sold matched expectations during the quarter. The company also reported strong demand for its prilling services, as the export pricing alternative was greater than domestic prices. For the full year, the unit exceeded cash flow guidance by about $4.2 million, or 14.1 percent.
Company-wide, Martin reported full-year net income of $17.1 million ($0.44 per limited partner unit) on sales of $946.1 million, down from 2016’s $31.7 million ($0.65 per unit) and $827.4 million, respectively. Fourth-quarter net income was $18.8 million ($0.47 per unit) on sales of $305.7 million, compared to the year-ago 17.9 million ($0.49 per unit) and $236.9 million, respectively.