Sunoco LP (NYSE: SUN) noted its shares take on strength Wednesday, on reporting financial and operating results for the quarter ended September 30, 2024.
Net income for the third quarter of 2024 was $2 million compared to net income of $272 million in the third quarter of 2023.
Adjusted EBITDA was $456 million compared to $257 million in the third quarter of 2023. Adjusted EBITDA for the third quarter of 2024 includes approximately $14 million of one-time transaction-related expenses.
Distributable Cash Flow, as adjusted, for the third quarter of 2024 was $349 million compared to $181 million in the third quarter of 2023.
Adjusted EBITDA for the Fuel Distribution segment for the third quarter of 2024 was $253 million compared to $234 million in the third quarter of 2023. The segment sold approximately 2.1 billion gallons of fuel in the third quarter of 2024, an increase of 1% from the third quarter of 2023. Fuel margin for all gallons sold was 12.8 cents per gallon for the third quarter of 2024 compared to 12.5 cents per gallon in the third quarter of 2023.
On October 28, the Board of Directors of SUN's general partner declared a distribution for the third quarter of 2024 of $0.8756 per unit, or $3.5024 per unit on an annualized basis. The distribution will be paid on November 19, to common unitholders of record on November 8.
SUN shares gained 31 cents to $53.43.
