USD Partners’ “strategically located terminals” have continued to perform well with the company reporting strong financial results for the first quarter of 2021.
“We are pleased to report a strong start to 2021 at the partnership as well as our intent to resume growing our quarterly distribution during 2021,” said Dan Borgen, the partnership’s chief executive officer.
He added: “Our strategically located terminals continue to perform well, and our recommendation to the board to increase our quarterly distribution by 2.25 percent relative to the fourth quarter of 2020 was reinforced by our improved outlook for our business along with our enhanced liquidity position.”
Highlights from the first quarter included:
- Generated net cash provided by operating activities of $12.6 million, adjusted EBITDA of $14.6 million and Distributable Cash Flow of $12.5 million
- Reported net income of $7.3 million
- Increased quarterly cash distribution to $0.1135 per unit ($0.454 per unit on an annualised basis) with approximately 4.0x distributable cash flow coverage
- Announced that management intends to recommend to the board of directors of the partnership’s general partner to increase the quarterly cash distribution per unit by an additional $0.0025 per quarter for each of the second, third and fourth quarters in 2021 as compared to the preceding quarter.
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