Overview

• US liquid energy terminal operator's Q1 sales rose yr/yr

• Net income and gross profit increased sharply from prior year

• Company cites solid execution and favorable wholesale market conditions for improved results

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• WHOLESALE SEGMENT - Co said product margin in the wholesale segment rose due to more favorable market conditions, largely in gasoline and residual oil

• GASOLINE DISTRIBUTION - Co said higher fuel margins (cents per gallon) drove increased product margin in gasoline distribution

• COMMERCIAL SEGMENT - Co said product margin in the commercial segment increased in part due to more favorable market conditions

Company press release: ID:nBw4DjxVda

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

• Wall Street's median 12-month price target for Global Partners LP is $46.00, about 3.7% below its May 7 closing price of $47.75

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

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