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Global Partners LP (GLP-1.47%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $4.4 billion from $4.2 billion in the same quarter the previous year, attributed to an increase in volume sold.
The company reported a gross profit of $286.0 million for the quarter, compared to $228.5 million in the previous year, due to acquisitions and favorable market conditions.
SG&A expenses increased to $70.5 million from $63.5 million, driven by increases in long-term incentive compensation and wages.
Operating expenses rose to $137.1 million from $115.9 million, largely due to acquisitions.
Net income for the quarter was $45.9 million, up from $26.8 million in the previous year.
Cash used in operating activities was $35.6 million, while cash used in investing and financing activities was $230.4 million and $266.9 million, respectively.
The company had a working capital of $141.6 million as of September 30, 2024.
The filing also details the acquisition of four terminals from Gulf Oil and the issuance of $450.0 million in senior notes.
The company redeemed all of its Series A Preferred Units and declared a quarterly cash distribution on its common and Series B Preferred Units.
Global Partners LP continues to focus on growth through acquisitions and expansion of its terminal and gasoline station operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Partners LP representing Limited Partner Interests quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.