US Martin Midstream quarterly net income up 44% year on year

03 May 2012 20:28  [Source: ICIS news]

HOUSTON (ICIS)--US-based Martin Mainstream Partners reported on Thursday first-quarter 2012 net income of $10.5m (€8.0m), a 44% increase from the net income of $7.3m reported in the same quarter of 2011, as strong margins continued for its fertilizer and sulphur divisions.

Quarterly revenues for the Texas-based company were $338.3m, compared with $283.0m for the first quarter of 2011.

"The partnership benefitted from stronger than expected performance in our sulphur services segment as our fertilizer and molten sulphur divisions continued their positive momentum and strong margin levels we saw in the fourth quarter last year," said chief executive Ruben Martin.

"Operationally, our fertilizer production units are running at very high levels of utilisation that coincides with strong customer demand for our product offerings," Martin said.

Collectively, terminalling and storage, natural gas service and marine transportation were all slightly below management's expectations for the quarter, Martin said.

"Looking forward, we expect continued strong performance in the fertilizer division of our sulphur services segment," Martin said.

Martin Midstream Partners has a diverse set of operations focused primarily in the US Gulf region. Primary business lines include: terminalling and storage services for petroleum products and by-products; natural gas gathering, processing and NGL distribution; sulphur and sulphur-based products processing, manufacturing, and distribution; and marine transportation services for petroleum products and by-products.

($1 = €0.76)

By: Frank Zaworski
+1 713 525 2653

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