Kilgore, Texas — Martin Midstream Partners LP said the performance of its Sulfur Services fertilizer division continued to exceed expectations during the second quarter ending June 30, 2012. The unit reported operating income of $12.3 million on revenues of $67.1 million, up from the year-ago $10.1 million on revenues of $76.9 million. Fertilizer volumes were up at 83,600 lt from 69,400 lt, while sulfur was down slightly to 328,000 lt from 339,600 lt. Six-month unit income was $24.8 million on revenues of $141.6 million, up from the year-ago $18.1 million on revenues of $136.7 million. Fertilizer volumes were up at 177,500 lt from 147,000 lt, while sulfur was down at 636,200 lt from 688,500 lt. Company-wide, net income was down at $7.2 million ($0.25 per limited partnership unit) on revenues of $292.9 million from the year-ago $8.8 million ($0.37 per unit) on revenues of $260 million. Six-month income was $17.7 million ($0.64 per unit) on revenues of $602.3 million, versus the year-ago $16.1 million ($0.67 per unit) on revenues of $513 million. On Aug. 1, Martin announced the completion of the sale of its East Texas and Northwest Louisiana gas gathering and processing assets for net cash proceeds of $273.3 million.
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