Global Partners LP (NYSE: GLP) has declared a cash distribution of $0.7000 per unit ($2.80 per unit on an annualized basis) on all of its outstanding common units from October 1, 2023, through December 31, 2023. This distribution will be paid on February 14, 2024, to unitholders of record as of the close of business on February 8, 2024.
Concurrent with this announcement, the company is providing qualified notice to brokers and nominees that hold Global Partners LP units on behalf of non-U.S. investors regarding withholding information under treasury regulations.
A company spokesperson stated, "We are pleased to declare this cash distribution, which reflects our continued commitment to delivering value to our unitholders."
Global Partners LP, with approximately 1,700 locations primarily in the northeast, is one of the region's largest independent owners, suppliers, and operators of gasoline stations and convenience stores. The company also owns, controls, or has access to a large terminal network spanning from Maine to Florida and into the U.S. Gulf, through which it distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers.
The company's CEO commented, "We are optimistic about the year ahead as we continue to focus on our strategic assets and operations."
Global Partners LP's shares have moved 1.5% and are currently trading at a price of $44.62.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $12,673 | $13,082 | $8,322 | $13,248 | $18,878 | $16,510 |
| Revenue Growth | n/a | 3.23% | -36.39% | 59.2% | 42.49% | -12.54% |
| Operating Margins | 2% | 1% | 2% | 1% | 2% | 1% |
| Net Margins | 1% | 0% | 1% | 0% | 2% | 1% |
| Net Income (MM) | $104 | $36 | $102 | $61 | $362 | $155 |
| Net Interest Expense (MM) | -$89 | -$90 | -$84 | -$80 | -$81 | -$85 |
| Depreciation & Amort. (MM) | $11 | $11 | $11 | $11 | $9 | $8 |
| Earnings Per Share | $3.07 | $1.06 | $3.01 | $1.79 | $10.65 | $4.55 |
| EPS Growth | n/a | -65.47% | 183.96% | -40.53% | 494.97% | -57.28% |
| Diluted Shares (MM) | 34 | 34 | 34 | 34 | 34 | 34 |
| Free Cash Flow (MM) | $100 | $12 | $236 | -$51 | $373 | $150 |
| Capital Expenditures (MM) | $69 | $83 | $76 | $102 | $107 | $96 |
| Current Ratio | 1.5 | 1.33 | 1.57 | 1.27 | 1.2 | 1.14 |
