2024-04-03 22:27:31 ET
Summary
- Martin Midstream beat its 2023 adjusted EBITDA expectations by a couple percent.
- It expects similar 2024 adjusted EBITDA results, but free cash flow may be limited due to growth capex spending and higher than average maintenance capex.
- Martin's 2025 outlook looks stronger, and it may be able to generate over $1 per unit in distributable cash flow then.
- I am anticipating a possible 2H 2025 distribution increase.
- Until Martin increases its quarterly distribution substantially from its current $0.005 per unit, investor interest is likely to remain limited though.
Martin Midstream Partners ( MMLP ) is currently expecting its 2024 results to be fairly similar to its 2023 results in terms of adjusted EBITDA. It finished 2023 slightly better than expected, with its adjusted EBITDA coming in a couple million better than its full-year guidance....
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Martin Midstream Partners: 2024 Is Expected To Be An Investment Year