Global Partners LP (NYSE:GLP) shares climbed 6.4% on Friday after the company delivered first-quarter earnings well above analyst expectations, supported by strong performance across its operating businesses.
Earnings significantly outperform Wall Street forecasts
The energy partnership reported adjusted earnings of $1.85 per unit for the quarter, far exceeding the consensus estimate of $0.33 per unit.
Revenue totalled $5.32 billion during the period, falling below analyst expectations of $6.97 billion. However, sales still increased 15.8% compared with $4.59 billion recorded in the same quarter last year.
The company said the quarter benefited from strong operational execution and the flexibility provided by its integrated business model during a volatile market environment.
“Performance this quarter reflects the advantages of our integrated platform in a dynamic market environment,” said Eric Slifka, President and Chief Executive Officer. “Our strategy is built to adapt to changing market conditions, optimize our assets and focus on maximizing returns.”
EBITDA and cash flow improve sharply
Adjusted EBITDA rose substantially to $140.4 million, compared with $91.3 million in the first quarter of 2025.
Adjusted distributable cash flow also increased significantly, climbing to $96.8 million from $46.5 million a year earlier.
Wholesale and fuel operations support growth
The company’s Wholesale division recorded strong margin expansion during the quarter.
Product margin in the segment reached $154.1 million, up from $93.6 million in the prior-year period, mainly driven by more favourable market conditions in gasoline and residual oil markets.
Meanwhile, the Gasoline Distribution and Station Operations business generated product margin of $199.3 million, compared with $187.9 million in the same quarter last year, benefiting from stronger fuel margins.
Quarterly distribution declared
Global Partners also announced a quarterly cash distribution of $0.7650 per unit.
The distribution will be paid on May 15 to unitholders on record as of May 11.