Martin Midstream Partners reports Q4 EPS (4c), consensus 21c
Reports Q 4 revenue $252.8M, consensus $282.31M. "As we enter 2019, management remains committed to initiating strategies that reduce leverage and increase our distribution coverage ratio. The Partnership expects to generate annual distributable cash flow of $85.6M in 2019, resulting in a distribution coverage ratio of approximately 1.1 times, as stated earlier. We estimate Net Income and Adjusted EBITDA to be $43.6M and $159.5M, respectively, for 2019, with the strongest quarters, due to the cyclical nature of our fertilizer and butane optimization businesses, being the first and fourth. Management's expectation is that the majority of the Partnership estimated adjusted EBITDA will be generated by fee-based services, with margin activities contributing approximately 38% of the total adjusted EBITDA estimate. We are forecasting maintenance capital expenditures for 2019 to be between $20M and $23M, which includes a turnaround at the refinery of approximately $3.5M.