Shares of Global Partners LP (NYSE: GLP), a Fortune 500 integrated energy company, plummeted 5.85% in pre-market trading on Friday, February 28, 2025, following the release of the company's fourth-quarter and full-year 2024 financial results.
Global Partners reported a significant decline in its profitability metrics for the fourth quarter of 2024 compared to the same period in 2023. Net income fell to $23.9 million, or $0.52 per diluted common limited partner unit, from $55.3 million, or $1.41 per unit, in the prior-year quarter. The company's adjusted EBITDA also decreased to $97.8 million from $112.1 million in Q4 2023.
While Global Partners' revenue for the quarter was $4.2 billion, down slightly from $4.4 billion a year earlier, the company's gross profit and combined product margin both declined year-over-year. Gross profit was $268.8 million, compared to $280.4 million in Q4 2023, and combined product margin fell to $302.0 million from $305.7 million in the prior-year period.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.