Kilgore, Texas—Martin Midstream Partners LP reported that its Sulfur Services unit, which includes sulfur and fertilizer, continued the momentum they had in the fourth quarter 2011 into the first quarter ending March 31, 2012. Martin said they had stronger-than-expected results with strong margin levels. Martin said the fertilizer production units are running at very high levels of utilization that coincides with strong customer demand for its products. Operating income for the Sulfur Services unit was up 56 percent, to $12.5 million on revenues of $74.5 million from the year-ago $8 million on revenues of $59.7 million. Fertilizer sales volumes were up at 93,900 lt from the year-ago 77,600 lt, while sulfur volumes were down at 308,200 lt from the year-ago 375,300 lt. While Sulfur Services exceeded expectations, the other three Martin units – Terminalling, Natural Gas Service, and Marine Transportation – were slightly below expectations. Still, company-wide, Martin reported increased net income at $10.5 million ($.40 per basic and diluted unit) on revenues of $338.3 million, compared to the year-ago $7.3 million ($.31 per unit) on revenues of $283 million.
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