Genesis Energy reports Q3 EPS (32c) vs. 29c last year

Reports Q3 revenue $714.3M vs. $807.6M last year. CEO Grant Sims said, “As we have consistently maintained, 2024 has always been expected to be a transition year as we move increasingly closer to the inflection point where we stop spending growth capital and start harvesting increasing amounts of Adjusted EBITDA starting in 2025. I am here today to reiterate my confidence in this central thesis and confirm that we believe we remain on schedule with this plan, despite some near-term challenges. While our performance in Q3 was below our expectations, it is important to remember that a large portion of what has impacted us so far this year has been the result of one-time items or other factors outside of our reasonable control. None of the issues we have recently faced, in our opinion, represent any structural changes in the expected long-term performance of our market-leading businesses, although the timing and pace of our realization of significant amounts of free cash flow might arguably have shifted a little to the right. Our capital spend is going to stop as planned; that is one thing we can, and will, control…Despite these near-term challenges, the partnership continues to have a very clear line of sight to Adjusted EBITDA growth starting in 2025, minimal future growth capital expenditures, no near-term unsecured debt maturities, adequate liquidity and the financial flexibility to deploy such growing cash flow across the capital structure. Barring any further unforeseen circumstances, we believe we continue to be well positioned to deliver long-term value for everyone in the capital structure for many years to come.”