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TransMontaigne Announces Fourth Quarter and Full Year 2017 Results and the Filing of its 2017 Annual Report on Form 10-K
Denver, Colorado, March 15, 2018 – TransMontaigne Partners L.P. (NYSE:TLP) (the Partnership, we, us, our) today announced fourth quarter and full year 2017 financial and operating results.
“Our business continues to perform extremely well, resulting in record levels of revenue, EBITDA and distributable cash flow for 2017,” said Fred Boutin, Chief Executive Officer of TransMontaigne Partners. “Our growth in 2017 was largely driven by the completion of our fully-contracted $75 million Collins phase I expansion, which added 2 million barrels of storage capacity at attractive investment returns. Our performance and stable cash flows have allowed us to provide strong and consistent growth in our quarterly distribution, while maintaining a conservative distribution coverage ratio of more than 1.4x for 2017. We are excited to have completed the acquisition of the West Coast terminals in December; strategically expanding our terminal footprint into the San Francisco Bay Area refining complex and growing our base of long-term fee-based cash flows. Additionally, we are excited to announce a Phase II buildout of our Collins, Mississippi terminal, supported by an anchor agreement for new capacity with a third party customer. We remain committed to growth in our business over the long-term, and we continue to execute on our expansion plans, including growth through asset maximization, organic expansion projects and potential acquisitions.”
Revenue for the fourth quarter of 2017 totaled $47.6 million, an increase of $5.1 million, or approximately 12%, compared to the $42.5 million reported for the fourth quarter of 2016. Consolidated EBITDA totaled $27.0 million for the fourth quarter of 2017, representing an increase of $1.5 million, or approximately 5.9%, compared to the $25.5 million reported for the fourth quarter of 2016. The improvement compared to
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The following information was filed by Transmontaigne Partners L.P. (TLP) on Thursday, March 15, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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