Kilgore, Texas—Martin Midstream Partners LP singled out its Sulfur Services unit, which also includes fertilizer, as being its strongest segment during the fourth quarter ending Dec. 31, 2011. “Our Sulfur Services segment was strong during the fourth quarter. Margins were strong in both molten sulfur handling and in our fertilizer division,” said Rubin Martin, president and CEO of MMGP, the general partner of the company. “Sulfur-based fertilizer had its best year for the partnership during 2011. We saw strong demand for our products that continued well beyond the normal seasonal trough we see outside our growing season.” Martin told analysts March 1 that the segment should have a strong 2012 based on current fundamentals. The company expects better operating rates, as unlike 2011, it does not expect turnarounds at its sulfuric acid and ammonium thiosulfate plants. It also expects strong agricultural demand to continue. Sulfur Services operating income for the year was $27.6 million on revenues of $275 million, up from 2010’s $15.9 million on sales of $165.1 million. Sulfur Services reported fourth-quarter revenues of $68.2 million, down from the year-ago $71.3 million. Martin-wide, full-year net income was $24.3 million ($.92 per basic and diluted unit) on sales of $1.2 billion, up from the year-ago $16 million ($.63 per unit) on sales of $912.1 million. Fourth-quarter net income was off at $2.85 million ($.06 per unit) on revenues of $345.5 million, versus the year-ago $6.5 million ($.30 per unit) and $262.1 million, respectively.
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