Martin Midstream Partners reports Q3 EPS 33c, consensus (6c)
Reports Q3 revenue $177.9M, consensus $228.1M. CEO Ruben Martin said, ""Highlighting Q3, which annually is our weakest due to seasonal troughs in the fertilizer and butane businesses, was the Natural Gas Liquids and Terminalling and Storage segments, as early season butane sales were above expectations and the lubricants business outperformed guidance as a result of increased margins. (...) For Q3, the Partnership generated a distribution coverage ratio of 0.84 times, well above our internal forecast of 0.47 times. Although cash flow from operations was below our guidance level, maintenance capital spending was lower than anticipated at approximately $2.8 million, offsetting the impact to distributable cash flow. Accordingly, we are reducing our maintenance capital expenditure guidance to approximately $19.6M for the full year 2019.