Tue, May 14, 7:28 PM (73 days ago)
TransMontaigne Partners LLC's Form 10-Q for the quarter ended March 31, 2024, highlights the following key points: 1. **Revenue and Earnings:** - Total revenue increased to $165.9 million from $139.7 million in Q1 2023. - Terminal revenue grew to $82.2 million, driven by higher terminaling services fees and management fees. - Product sales revenue surged to $83.7 million from $61.4 million. - Net earnings were $14.6 million, a significant improvement from a net loss of $11.0 million in Q1 2023. 2. **Costs and Expenses:** - Total costs and expenses rose to $141.1 million from $120.5 million. - Operating expenses were $32.6 million, up from $31.9 million. - Interest expense decreased significantly to $13.0 million from $31.2 million, affected by a gain on interest rate swaps. 3. **Cash Flow and Liquidity:** - Net cash provided by operating activities was $36.4 million, up from $20.2 million. - Net cash used in investing activities increased to $16.7 million from $12.1 million, primarily due to higher construction spending. - Net cash used in financing activities was $19.2 million, compared to $16.1 million in Q1 2023. 4. **Investments and Capital Expenditures:** - Investments in unconsolidated affiliates generated earnings of $3.8 million, up from $1.9 million. - Capital expenditures totaled $16.7 million, with ongoing projects mainly in the West Coast operations. 5. **Debt and Financial Position:** - Long-term debt stood at $1.35 billion, with a new $150 million tranche added to the senior secured term loan. - The company maintains compliance with all financial covenants under its credit agreement. Overall, the company showed improved financial performance, increased revenue, and better management of interest expenses, while continuing to invest in growth projects.