Global Partners LP reported a significant increase in financial performance for the first quarter of 2025, with total sales reaching $4.59 billion, up 11% from $4.15 billion in the same period last year. The company achieved a gross profit of $255.2 million, a 19% increase compared to $215.1 million in the prior year. This growth was primarily driven by an increase in volume sold, which rose to 1.9 billion gallons from 1.6 billion gallons, despite a decrease in prices. The operating income also saw a substantial rise, reaching $55.9 million, compared to $25.8 million in the previous year.
In terms of profitability, Global Partners LP reported a net income of $18.7 million for the quarter, a notable recovery from a net loss of $5.6 million in the same quarter of 2024. This improvement was attributed to favorable market conditions in gasoline and distillates, as well as the addition of new terminals acquired from Gulf Oil Limited Partnership and ExxonMobil. The company’s product margin also increased significantly, with the Wholesale segment's product margin rising to $93.6 million from $49.4 million year-over-year.
Operationally, Global Partners LP continued to expand its footprint, operating a total of 1,561 gasoline stations as of March 31, 2025, including 296 directly operated convenience stores. The company also reported an increase in accounts receivable, which rose to $577.5 million from $472.6 million, indicating higher sales volume. However, inventories decreased to $517.4 million from $594.1 million, reflecting a strategic reduction in stock levels. The company’s employee headcount remained stable, with no significant changes reported.
Strategically, Global Partners LP made notable investments, including a joint venture to acquire and operate an office building in Newton, Massachusetts, which will serve as its principal executive office starting in 2026. Additionally, the company amended its credit agreement to extend the maturity date to March 2028 and increase its working capital revolving credit facility from $950 million to $1 billion. This move is expected to enhance liquidity and support future growth initiatives.
Looking ahead, Global Partners LP remains cautiously optimistic about its financial outlook, emphasizing the importance of market conditions and consumer demand. The company acknowledged potential risks, including fluctuations in commodity prices and changes in consumer behavior towards alternative fuels. However, it is committed to leveraging its operational strengths and strategic investments to drive continued growth and profitability in the coming quarters.
About GLOBAL PARTNERS LP
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