USD Partners LP releases first quarter results
USD Partners has reported its financial results for the first quarter and highlighted the performance of “strategically located terminals” in a statement.
Talking about the company’s operating and financial results for the three months ended March 31, 2021 – the partnership’s chief executive officer Dan Borgen said: “We are pleased to report a strong start to 2021 at the partnership as well as our intent to resume growing our quarterly distribution during 2021.”
He added: “Our strategically located terminals continue to perform well, and our recommendation to the board to increase our quarterly distribution by 2.25 percent relative to the fourth quarter of 2020 was reinforced by our improved outlook for our business along with our enhanced liquidity position.”
Highlights from the first quarter included:
- Generated net cash provided by operating activities of $12.6 million, adjusted EBITDA of $14.6 million and Distributable Cash Flow of $12.5 million
- Reported net income of $7.3 million
- Increased quarterly cash distribution to $0.1135 per unit ($0.454 per unit on an annualised basis) with approximately 4.0x distributable cash flow coverage
- Announced that management intends to recommend to the board of directors of the Partnership’s general partner to increase the quarterly cash distribution per unit by an additional $0.0025 per quarter for each of the second, third and fourth quarters in 2021 as compared to the preceding quarter.
For more information visit www.usdpartners.com
7th May 2021
