TransMontaigne Partners L.P. (TLP) has reported 54.11 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $11.88 million, or $0.58 a share in the quarter, compared with $7.71 million, or $0.37 a share for the same period last year. Revenue during the quarter grew 9.04 percent to $40.64 million from $37.27 million in the previous year period. Total expenses were 66.64 percent of quarterly revenues, down from 72.96 percent for the same period last year. This has led to an improvement of 632 basis points in operating margin to 33.36 percent.
Operating income for the quarter was $13.56 million, compared with $10.08 million in the previous year period.
“Our business continues to perform extremely well and we were able to achieve record levels of revenue, EBITDA and distributable cash flow for the first nine months of 2016,” said Fred Boutin, Chief Executive Officer of TransMontaigne Partners. “Our consistent performance and stable cash flows have allowed us to raise the distribution for a fourth consecutive quarter, representing over 5% growth for the last 12 months. Our balance sheet remains strong and flexible with a leverage ratio below 2.9x and quarterly distribution coverage greater than 1.4x. We expect the first portion of our $75 million fee-based and fully contracted Collins terminal expansion to be in service next month and the remaining portions to be in service before the end of the second quarter of next year.”
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