NYSE$GEL
Genesis Energy LP · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter 2024 results and a distribution increase attributable to the third quarter 2024, and discussed future capital allocation priorities.
Genesis Energy reported a net loss of $8.7 million for the second quarter of 2024, compared to a net income of $49.3 million for the same period in 2023. The company is adjusting its full year guidance for Adjusted EBITDA to a range of $625 - $650 million.
- Net Loss Attributable to Genesis Energy, L.P. of $8.7 million for the second quarter of 2024 compared to Net Income Attributable to Genesis Energy, L.P. of $49.3 million for the same period in 2023.
- Cash Flows from Operating Activities of $104.7 million for the second quarter of 2024 compared to $157.7 million for the same period in 2023.
- Available Cash before Reserves to common unitholders of $37.6 million for the second quarter of 2024, which provided 2.05X coverage for the quarterly distribution of $0.15 per common unit attributable to the second quarter.
- Total Segment Margin of $168.3 million for the second quarter of 2024.
Headline financials
Revenue & EPS history
Genesis Energy · Revenue · Quarterly
$756M
Forward guidance
Genesis Energy is adjusting its full year guidance for Adjusted EBITDA to a range of $625 - $650 million.
Tailwinds
- Shenandoah and Salamanca developments are expected to be on-line in the second quarter of 2025.
- The incremental tons produced from the Granger expansion are likely some of the cheapest and lowest cost new supply in the world.
- Market fundamentals remain very favorable with steady and robust demand for all classes of our vessels exceeding practical net supply of marine tonnage.
- Genesis has extended the maturity profile of our capital structure.
- The partnership has more than adequate financial flexibility and ample liquidity to execute on our plan to further simplify our capital structure and return capital to our stakeholders.
Headwinds
- Two of the major deepwater producing facilities we serve developed technical issues.
- Two contracted subsea tiebacks that were scheduled for first production in the second quarter saw slight delays relative to our initial expectations.
- The unforeseen delays with the delivery of the Shenandoah floating production system to its final location in the Gulf of Mexico will cause a small amount of the cash spend to slip into the first part of 2025.
- The second quarter was impacted by a decline in export pricing as compared to the 2023 Quarter as global supply has continued to outpace demand in most markets.
- The 2024 Quarter was negatively impacted by temporary operational issues at our Westvaco facility that led to lower production volumes and reduced operating efficiencies.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.1%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+4.5%
Avg return
30 days after
55%
35 / 64 earnings
Positive
+19.2%
Q1 2020
Best reaction
-14.3%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -4.1% | -5.0% | |
| Q4 2025 | -1.7% | +1.6% | +2.1% | |
| Q3 2025 | +1.1% | -1.9% | -2.4% | |
| Q1 2025 | +0.3% | +0.3% | +9.3% | |
| Q4 2024 | +14.1% | +18.2% | +27.3% | |
| Q3 2024 | -14.3% | -13.0% | -7.1% | |
| Q2 2024 | -4.2% | -4.7% | -0.6% | |
| Q1 2024 | +8.5% | +11.8% | +6.4% | |
| Q4 2023 | +2.3% | +2.0% | -3.8% | |
| Q3 2023 | +3.8% | +0.5% | +10.9% | |
| Q2 2023 | -11.8% | -6.2% | +10.3% | |
| Q1 2023 | -4.8% | -7.4% | -4.8% | |
| Q4 2022 | +4.2% | +6.4% | -1.7% | |
| Q3 2022 | +7.5% | +6.1% | -5.6% | |
| Q2 2022 | +14.8% | +17.8% | +40.9% | |
| Q1 2022 | +6.2% | -1.3% | +9.1% | |
| Q4 2021 | -3.2% | -4.6% | +1.9% | |
| Q3 2021 | +6.2% | +21.6% | -0.7% | |
| Q2 2021 | -12.8% | -19.2% | -19.7% | |
| Q1 2021 | +0.9% | +3.7% | +11.9% | |
| Q4 2020 | +3.7% | +7.3% | +30.0% | |
| Q3 2020 | +6.5% | +37.5% | +87.8% | |
| Q2 2020 | -9.4% | -2.4% | -20.8% | |
| Q1 2020 | +19.2% | +24.0% | +112.8% | |
| Q4 2019 | -13.7% | -25.5% | -76.2% | |
| Q3 2019 | -3.2% | -5.5% | -9.4% | |
| Q2 2019 | -6.3% | -6.7% | -3.4% | |
| Q1 2019 | -1.1% | -3.3% | -0.5% | |
| Q4 2018 | -3.4% | +0.0% | +2.9% | |
| Q3 2018 | +0.6% | +4.5% | -0.3% | |
| Q2 2018 | -5.6% | -6.0% | -2.4% | |
| Q1 2018 | +2.5% | +3.0% | +10.4% | |
| Q4 2017 | -2.1% | -1.3% | -3.9% | |
| Q3 2017 | +0.5% | -0.9% | -4.3% | |
| Q2 2017 | -1.2% | -1.7% | -11.8% | |
| Q1 2017 | -0.7% | -0.9% | -0.9% | |
| Q4 2016 | -7.5% | -6.8% | -13.6% | |
| Q3 2016 | -3.9% | -3.9% | -1.2% | |
| Q2 2016 | -2.9% | -2.0% | +1.1% | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +0.9% | — | — | |
| Q3 2015 | +1.8% | — | — | |
| Q2 2015 | -2.0% | — | — | |
| Q1 2015 | +0.1% | — | — | |
| Q4 2014 | +2.1% | — | — | |
| Q3 2014 | +7.5% | — | — | |
| Q2 2014 | -1.1% | — | — | |
| Q1 2014 | +0.4% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | -1.2% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +3.0% | — | — | |
| Q2 2012 | +1.7% | — | — | |
| Q1 2012 | -0.3% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q3 2011 | -2.2% | — | — | |
| Q2 2011 | +3.8% | — | — | |
| Q1 2011 | -3.6% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q3 2010 | -4.3% | — | — | |
| Q2 2010 | +0.9% | — | — | |
| Q1 2010 | +5.5% | — | — |
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