Delek Logistics Partners LP (NYSE:DKL) reported first-quarter results on Wednesday that fell short of profit forecasts, although revenue came in ahead of expectations.
Shares were little changed, edging up 0.02% in after-hours trading following the release.
The company posted adjusted earnings per unit of $0.60, below the analyst consensus of $0.78.
Revenue totaled $297.46 million, beating estimates of $242.45 million and rising 19% year over year from $249.93 million in the first quarter of 2025. The earnings miss was largely attributed to the impact of Winter Storm Fern.
Adjusted EBITDA reached $132.3 million, up from $123.2 million a year earlier. The company maintained its full-year 2026 adjusted EBITDA guidance range of $520 million to $560 million, with a midpoint of $540 million.
“Delek Logistics continued its strong performance into 2026, supported by solid execution across our crude, gas, and water segments,” said Avigal Soreq. “During the first quarter, we saw continued benefits from the ramp-up of our Delaware crude and water gathering businesses and made further progress on our sour gas gathering and acid gas injection system by completing the drilling of our first AGI well.”
The Gathering and Processing segment delivered adjusted EBITDA of $82.9 million, compared with $81.1 million in the same period last year.
The Wholesale Marketing and Terminalling segment reported adjusted EBITDA of $14.3 million, down from $17.8 million, mainly due to the end of the East Texas marketing agreement with Delek US Holdings.
Delek Logistics declared a quarterly distribution of $1.130 per unit for the first quarter, representing a 1.8% increase year over year and marking its 53rd consecutive quarterly distribution increase. The payout is scheduled for May 11, 2026.