Massachusetts-based Global Partners powered through the third quarter with strong performances in all its segments, posting net income of $45.9 million that easily topped Q3 2023 number of $26.8 million, the company said Friday.
Robust retail profits propelled much of the performance, with Global executives saying that retail assets exceeded expectations. The company provides fuel for 1,589 sites and participates in a joint venture with ExxonMobil for an additional 54 sites in Texas.
Chief Executive Officer Eric Slifka described the mergers and acquisitions business as "busy" but "very selective." Valuations remain relatively high and company personnel are committed to a disciplined approach, he said.
The recent acquisition of a large terminal from ExxonMobil in East Providence was mentioned and analysts note that over 700 acres of additional real estate came with that transaction. Global previously sold its Revere, Mass., terminal to a real estate developer, and Slifka said that similar opportunities could loom for the Rhode Island acreage.
Global is still working on integrating the 29 terminals it purchased from Motiva Enterprises last year, but it noted that new strategic projects helped the company capitalize with additional volumes in the last quarter.
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--Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
November 08, 2024 12:25 ET (17:25 GMT)
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