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TransMontaigne Partners Announces Second Quarter 2017 Results
Denver, Colorado, August 8, 2017 – TransMontaigne Partners L.P. (NYSE:TLP) (the Partnership, we, us, our) today announced second quarter 2017 financial and operating results.
“Our business continued to perform extremely well during the second quarter of 2017: achieving another quarter of record revenue, EBITDA and distributable cash flow; and, distribution coverage of more than 1.62 times,” said Fred Boutin, Chief Executive Officer of TransMontaigne Partners. “During the second quarter we placed into service the final 800,000 barrels of new tank capacity at our 2,000,000 barrel Collins Phase I expansion project. This project, along with the strength of our base business, supported an increase in our distribution of 1.5 cents for the second quarter. Our distribution of 74 cents for the second quarter represented growth of 2.1% over the previous quarter and 7.2% over the second quarter of last year.”
Revenue for the second quarter of 2017 totaled $45.4 million, an increase of $4.3 million, or approximately 10.5%, compared to the $41.1 million reported for the second quarter of 2016. Consolidated EBITDA for the second quarter of 2017 of $28.8 million represented a $5.7 million, or approximately 24.7% increase compared to the $23.1 million reported for the second quarter of 2016. The improvement compared to the prior year was primarily attributed to our Collins Phase I terminal expansion coming on-line revenue and re-contracting of storage capacity throughout the past year, including a portion at higher rates and greater utilization.
Terminaling services fees from firm commitments were approximately 74% of second quarter 2017 total revenue. Approximately 63% of our terminaling services revenues for the second quarter of 2017 were generated from agreements with remaining firm commitments of three years or more as of June 30, 2017.
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Mailing Address: ● P. O. Box 5660 ● Denver, CO 80217-5660
The following information was filed by Transmontaigne Partners L.P. (TLP) on Tuesday, August 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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