Sprague Resources LP (SRLP) has reported 116.29 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $64.50 million in the quarter, compared with $29.82 million for the same period last year.

Revenue during the quarter grew 26.96 percent to $917.81 million from $722.91 million in the previous year period. Gross margin for the quarter expanded 184 basis points over the previous year period to 13.36 percent. Total expenses were 91.98 percent of quarterly revenues, down from 94.84 percent for the same period last year. This has led to an improvement of 286 basis points in operating margin to 8.02 percent.

Operating income for the quarter was $73.61 million, compared with $37.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $47.31 million compared with $45.40 million in the prior year period. At the same time, adjusted EBITDA margin contracted 113 basis points in the quarter to 5.15 percent from 6.28 percent in the last year period.

"I am pleased to report another quarter of strong financial performance," said David Glendon, president and chief executive officer. "Sprague closed a total of four acquisitions to date this year, and our acquisition pipeline remains robust including opportunities to expand our geographic footprint. With our low permanent leverage, and a recent amendment to our credit facility, we remain well positioned to continue to execute on our growth strategy. Based on results in the first quarter, we're reiterating our 2017 adjusted EBITDA guidance of $115 to $130 million,” said Mr. Glendon.