Global Partners Lp (GLP) saw its loss widen to $65.53 million, or $1.94 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.28 million, or $0.07 a share.     

Revenue during the quarter grew 6.59 percent to $2,312.43 million from $2,169.44 million in the previous year period. Gross margin for the quarter expanded 57 basis points over the previous year period to 6.68 percent. Operating margin for the quarter stood at negative 2 percent as compared to a positive 0.76 percent for the previous year period.

Operating loss for the quarter was $46.15 million, compared with an operating income of $16.53 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $14.37 million compared with $46.58 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 0.62 percent for the quarter compared to 2.15 percent in the last year period.  

Eric Slifka, President and chief executive officer of Global Partners, said, "During 2016, we successfully positioned Global for continued growth and profitability by executing on the strategic actions we outlined a year ago. Our plan included cutting expenses and implementing an asset sale program across our portfolio concentrated on non-strategic assets. As part of that plan, we signed an agreement in December to voluntarily terminate a sublease for 1,610 railcars from a third party ��" three years ahead of its scheduled expiration in 2019 ��" saving the Partnership more than $10 million in cash and enabling us to put a significant portion of the expenses associated with underutilized railcars behind us.