0001104659-26-092378
SEC filing二季度净利大增182%至$71.0M，汽油分销利润率提升驱动业绩强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $6,792.1M | $4,626.9M | +46.8% |
| Gross Profit | $328.9M | $272.4M | +20.8% |
| Operating Income | $107.4M | $60.1M | +78.7% |
| Net Income | $71.0M | $25.2M | +181.7% |
| Diluted EPS (GAAP) | $1.86 | $0.55 | +238.2% |
| EBITDA (Non-GAAP) | $146.0M | $95.7M | +52.6% |
| Adjusted EBITDA (Non-GAAP) | $148.2M | $98.2M | +50.9% |
| DCF (Non-GAAP) | $92.6M | $52.0M | +78.1% |
| Adjusted DCF (Non-GAAP) | $92.5M | $52.3M | +76.9% |
| Combined Product Margin (Non-GAAP) | $362.2M | $305.7M | +18.5% |
分部产品利润率表现
| 分部 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Wholesale | $106.5M | $91.7M | +16.1% |
| GDSO | $245.2M | $207.9M | +18.0% |
| Commercial | $10.5M | $6.1M | +71.7% |
简评
本季度业绩显著增长，净收入从$25.2M跃升至$71.0M，主要受GDSO分部汽油分销利润率提升（从$137.9M增至$175.0M）及批发分部汽油及调和油利润率改善（从$58.8M增至$78.4M）驱动。总销售额增长47%至$6.8B，主要受批发分部销售从$3.1B增至$4.9B推动。毛利率从$272.4M增至$328.9M，反映各分部产品利润率全面改善。管理层强调"各分部均有强劲贡献"，并指出资产负债表实力提供灵活性。
公司宣布每单位$0.7800现金分配（年化$3.12），8月14日支付，同时全部赎回Series B优先单位，简化资本结构。调整后EBITDA和调整后DCF分别增长51%和77%，显示强劲的现金流生成能力。2025年同期EBITDA、调整后EBITDA、DCF和调整后DCF包含与2025年赎回7.00%优先票据相关的$2.8M提前清偿债务损失。