Wednesday, Genesis Energy L.P. (GEL), a crude oil and gas pipeline transporter, reported a swing to profit in the fourth quarter, backed by a decrease in depreciation and amortization expenses and improved performance of business segments.
The Houston, Texas-based company reported fourth-quarter net income of $6.35 million or $0.14 per unit, compared to a loss of $15.46 million or $0.49 per unit in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.27 per unit for the quarter. Analysts' estimates typically exclude special items.
The company noted that profit for the quarter resulted from the improved performance of its business segments, coupled with a $6.6 million decrease in depreciation and amortization expense from the same period last year.
Revenues for the quarter declined to $378.04 million from $460.80 million in the comparable quarter last year. Analysts expected the company to report revenue of $566.71 million for the quarter.
Costs of sales and other expenses decreased to $346.59 million from $445.29 million in the year ago quarter. Depreciation and amortization expense was $19.76 million, down from $26.40 million in the previous year quarter.
For the quarter, the company had a gain from disposal of surplus assets of $7.0 million, compared to a loss from disposal of surplus assets of $290.0 million in the prior year quarter. Operating income was $11.72 million, compared to an operating loss of $12.68 million in the same quarter a year ago.
For the full year, Genesis Energy reported net income of $26.09 million or $0.61 per unit, compared to a loss of $13.55 million or $0.64 per unit last year. Analysts expected the company to earn $0.74 per unit for the full year.
Revenues increased to $2.14 billion from $1.20 billion in the previous year. Analysts expected the company to report revenue of $2.33 billion for the full year.
On February 13, the company paid a total quarterly distribution of $14.1 million, with $13.0 million to its unit holders or $0.33 per unit and $1.1 million to its general partner including its incentive distribution, attributable to financial and operational results for the fourth quarter of 2008. The distribution of $0.33 per unit represented a 2.3% increase in the distribution paid, compared to previous quarter and approximately 15.8% increase over the year earlier period.
GEL is currently trading at $9.92, up $0.42 or 4.42% on a volume of 199,176 shares on the Nasdaq.
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