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Sep 30, 2024
Genesis Energy Q3 2024 Earnings Report
Announced third quarter 2024 results, which were impacted by one-time items and other factors outside of reasonable control.
Key Takeaways
Genesis Energy, L.P. reported a net loss of $17.2 million for the third quarter of 2024, compared to a net income of $58.1 million for the same period in 2023. The company's performance was below expectations due to unexpected delays in the offshore pipeline transportation segment and operational challenges in the soda ash business.
Net Loss Attributable to Genesis Energy, L.P. was $17.2 million, compared to Net Income of $58.1 million in the same period of 2023.
Cash Flows from Operating Activities totaled $87.3 million, down from $141.0 million in the prior year.
Available Cash before Reserves to common unitholders was $24.5 million, providing 1.21X coverage for the quarterly distribution.
Adjusted EBITDA was $136.7 million for the quarter.
Forward Guidance
The partnership anticipates Adjusted EBITDA growth starting in 2025, minimal future growth capital expenditures, no near-term unsecured debt maturities, adequate liquidity, and the financial flexibility to deploy growing cash flow across the capital structure.
Positive Outlook
- Adjusted EBITDA growth is expected to begin in 2025.
- Future growth capital expenditures will be minimal.
- There are no near-term unsecured debt maturities.
- The company has adequate liquidity.
- The company has financial flexibility to deploy growing cash flow across the capital structure.
Challenges Ahead
- Unexpected delays at Winterfell and Warrior are negatively impacting offshore results.
- Prolonged producer mechanical issues are negatively impacting offshore results.
- The Westvaco facility has experienced unforeseen operational challenges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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