Global Partners LP reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a 5% increase in total sales, reaching $4.42 billion compared to $4.22 billion in the same period of 2023. For the nine months ended September 30, 2024, total sales rose by 7% to $12.98 billion from $12.08 billion in 2023. This growth was driven by increased sales in the Wholesale segment, particularly in gasoline and gasoline blendstocks, which saw an 11% increase in sales for the quarter.

Gross profit for the third quarter of 2024 was $286.05 million, a 25% increase from $228.52 million in the prior year. For the nine-month period, gross profit rose 14% to $789.07 million from $693.24 million. Operating income also improved significantly, with $83.45 million reported for the third quarter, up from $47.98 million in 2023, and $193.16 million for the nine months, compared to $162.16 million in the previous year.

Net income for the third quarter was $45.92 million, a substantial increase from $26.81 million in 2023. However, net income for the nine months decreased to $86.47 million from $97.23 million in the prior year, reflecting challenges in the market. The net income attributable to common limited partners for the third quarter was $40.02 million, compared to $20.54 million in 2023.

The company’s total assets increased to $3.67 billion as of September 30, 2024, up from $3.45 billion at the end of 2023. Total liabilities also rose to $2.94 billion from $2.65 billion, while total partners’ equity decreased to $723.32 million from $800.66 million.

Strategically, Global Partners LP made a significant acquisition on April 9, 2024, purchasing four refined-product terminals from Gulf Oil for approximately $215 million, financed through its revolving credit facility. The company also issued $450 million in senior notes due 2032 to repay borrowings and for general corporate purposes.

Cash distributions to common unitholders increased, with a declared distribution of $0.7300 per unit for the third quarter, totaling approximately $28.8 million, compared to $25.8 million in the same period last year. The company continues to navigate market challenges, including fluctuating gasoline demand and competition from alternative fuels, while maintaining compliance with its financial covenants.