Sisecam Resources LP Announces First Quarter 2023 Financial Results
First Quarter 2023 Financial Highlights:
-
Net sales of
increased$207.1 million 26.7% from the prior-year first quarter. This increase in net sales in the current quarter from the prior year first quarter is primarily attributable to a sales price increase of24.1% for the three months endedMarch 31, 2023 compared to the three months endedMarch 31, 2022 . The higher sales prices were due to strong demand in the domestic and international markets. -
Soda ash volume produced decreased
18.5% from the prior-year first quarter, and soda ash volume sold increased2.1% from the prior-year first quarter. -
Net income of
increased$40.3 million from the prior-year first quarter. The increases are primarily due to higher average sales price partly offset by inflationary impact on operating costs.$8.5 million -
Adjusted EBITDA of
increased$50.2 million 27.4% from the prior-year first quarter. This increase is primarily attributable to the operating income increase. -
Basic earnings per unit of
for the quarter increased$0.99 26.9% over the prior-year first quarter of .$0.78 -
Net cash provided by operating activities of
increased$35.6 million over prior-year first quarter.$27.9 million -
Distributable cash flow of
increased$21.5 million 42.4% compared to the prior-year first quarter.
Ertugrul Kaloglu, CEO, commented: The
Strong sales results, both domestically and internationally, drove strong first quarter sales helping to offset challenges resulting from inflation, recession concerns and continued supply chain issues.
First quarter net sales of
Expense and cash flow management continues to be a focus for the team to reduce risks related to higher interest rates, inflation, supply chain pressures and a possible recession. In the current environment of increased uncertainty with interest rates, inflation and recession concerns, the Partnership remains focused on maintaining a conservative capital structure, working capital management liquidity flexibility to continue to meet future cash flow requirements.
Financial Highlights |
Three Months Ended |
|
|
|||||
(Dollars in millions, except per unit amounts) |
2023 |
|
2022 |
|
% Change |
|||
Soda ash volume produced (thousands of short tons) |
|
552.2 |
|
|
677.8 |
|
(18.5 |
)% |
Soda ash volume sold (thousands of short tons) |
|
653.6 |
|
|
640.0 |
|
2.1 |
% |
Net sales |
$ |
207.1 |
|
$ |
163.4 |
|
26.7 |
% |
Net income |
$ |
40.3 |
|
$ |
31.8 |
|
26.7 |
% |
Net income attributable to |
$ |
19.9 |
|
$ |
15.7 |
|
26.8 |
% |
Earnings per limited partner unit |
$ |
0.99 |
|
$ |
0.78 |
|
26.9 |
% |
Adjusted EBITDA(1) |
$ |
50.2 |
|
$ |
39.4 |
|
27.4 |
% |
Adjusted EBITDA attributable to |
$ |
25.0 |
|
$ |
19.7 |
|
26.9 |
% |
Net cash provided (used) by operating activities |
$ |
35.6 |
|
$ |
7.7 |
|
362.3 |
% |
Distributable cash flow attributable to |
$ |
21.5 |
|
$ |
15.1 |
|
42.4 |
% |
Distribution coverage ratio (1) |
|
2.1 |
|
|
1.5 |
|
N/A |
|
|
|
|
|
|
|
|||
(1)See non-GAAP reconciliations |
|
|
|
|
|
Three Months Ended |
|||||||||
The following table sets forth a summary of net sales, sales volumes and average sales price, and the percentage change between the periods. |
|||||||||
|
Three Months Ended |
|
Percent Increase/(Decrease) |
||||||
(Dollars in millions, except for average sales price data): |
2023 |
|
2022 |
|
|||||
Net sales: |
|
|
|
|
|
||||
Domestic |
$ |
97.0 |
|
|
$ |
69.5 |
|
|
|
International |
|
110.1 |
|
|
|
93.9 |
|
|
|
Total net sales |
$ |
207.1 |
|
|
$ |
163.4 |
|
|
|
Sales volumes (thousands of short tons): |
|
|
|
|
|
||||
Domestic |
|
340.3 |
|
|
|
313.4 |
|
|
|
International |
|
313.3 |
|
|
|
326.6 |
|
|
(4.1)% |
Total soda ash volume sold |
|
653.6 |
|
|
|
640.0 |
|
|
|
Average sales price (per short ton):(1) |
|
|
|
|
|
||||
Domestic |
$ |
284.9 |
|
|
$ |
221.8 |
|
|
|
International |
$ |
351.7 |
|
|
$ |
287.5 |
|
|
|
Average |
$ |
316.9 |
|
|
$ |
255.3 |
|
|
|
Percent of net sales: |
|
|
|
|
|
||||
Domestic sales |
|
46.8 |
% |
|
|
42.5 |
% |
|
|
International sales |
|
53.2 |
% |
|
|
57.5 |
% |
|
(7.5)% |
Total percent of net sales |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
Percent of sales volumes: |
|
|
|
|
|
||||
Domestic volume |
|
52.1 |
% |
|
|
49.0 |
% |
|
|
International volume |
|
47.9 |
% |
|
|
51.0 |
% |
|
(6.1)% |
Total percent of volume sold |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
||||
(1) Average sales price per short ton is computed as net sales divided by volumes sold |
|
|
|
|
|
Consolidated Results
Net sales. Net sales increased by
Cost of products sold, including depreciation, depletion and amortization expense, freight costs and affiliates. Cost of products sold, including depreciation, depletion and amortization expense, freight costs and affiliates increased by
Selling, general and administrative expenses and affiliates. Our selling, general and administrative expenses and affiliates increased
Operating income. As a result of the foregoing, operating income increased by approximately
Net income. As a result of the foregoing, net income increased by approximately
CAPEX AND
The following table summarizes our capital expenditures, on an accrual basis, ore grade and ore to ash ratio:
|
Three Months Ended |
||||||
(Dollars in millions) |
2023 |
|
2022 |
||||
Capital Expenditures |
|
|
|
||||
Maintenance |
$ |
4.5 |
|
|
$ |
7.2 |
|
Total |
$ |
4.5 |
|
|
$ |
7.2 |
|
Operating and Other Data: |
|
|
|
||||
Ore grade(1) |
|
86.7 |
% |
|
|
86.6 |
% |
Ore to ash ratio(2) |
1.67:1.0 |
|
1.56:1.0 |
||||
|
|
|
|
||||
(1)Ore grade is the percentage of raw trona ore that is recoverable as soda ash free of impurities. A higher ore grade will produce more soda ash than a lower ore grade. |
|||||||
(2)Ore to ash ratio expresses the number of short tons of trona ore needed to produce one short ton of soda ash and includes our deca rehydration recovery process. In general, a lower ore to ash ratio results in lower costs and improved efficiency. |
In connection with the acquisition by
CASH FLOWS
Cash Flows
Operating Activities
Our operating activities during the three months ended
-
an increase of
26.7% as a result of net income of during the three months ended$40.3 million March 31, 2023 , compared to for the prior-year period; and$31.8 million -
a decrease in cash used in working capital of
during the three months ended$17.5 million March 31, 2023 , compared to the three months endedMarch 31, 2022 . The decrease of the cash used in working capital period over period was primarily due to a lower accounts receivable balance atMarch 31, 2023 as compared to the three months endedMarch 31, 2022 .
Investing Activities
We used cash flows of
Financing Activities
Cash used in financing activities of
ABOUT
NATURE OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Statements other than statements of historical facts included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements include all statements that are not historical facts and in some cases may be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “seek,” “anticipate,” “estimate,” “predict,” “forecast,” “project,” “potential,” “continue,” “may,” “will,” “could,” “should” or the negative of these terms or similar expressions. Such statements are based only on the Partnership’s current beliefs, expectations and assumptions regarding the future of the Partnership’s business, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Partnership’s control. The Partnership’s actual results and financial condition may differ materially from those implied or expressed by these forward-looking statements. Consequently, you are cautioned not to place undue reliance on any forward-looking statement because no forward-looking statement can be guaranteed. Factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements include: changes in general economic conditions, changes in the Partnership’s relationships with its customers, the domestic and international demand for soda ash and the opportunities for the Partnership to increase its volume sold, the development of glass and glass making product alternatives, changes in soda ash prices, operating hazards, unplanned maintenance outages at the Partnership’s production facility, construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures, the effects of government regulation, tax position, and other risks incidental to the mining and processing of trona ore, and shipment of soda ash, the impact of a cybersecurity event, and our change of control effective
Supplemental Information | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) |
|||||||
|
Three Months Ended |
||||||
(In millions, except per unit data) |
2023 |
|
2022 |
||||
|
$ |
207.1 |
|
|
$ |
163.4 |
|
Operating costs and expenses: |
|
|
|
||||
Cost of products sold including freight costs (excludes depreciation, depletion and amortization expense set forth separately below) |
|
148.1 |
|
|
|
114.8 |
|
Cost of goods sold - affiliates |
|
1.7 |
|
|
|
2.6 |
|
Depreciation, depletion and amortization expense |
|
8.5 |
|
|
|
6.5 |
|
Selling, general and administrative expenses—affiliates |
|
5.1 |
|
|
|
5.4 |
|
Selling, general and administrative expenses—others |
|
1.9 |
|
|
|
1.2 |
|
Total operating costs and expenses |
|
165.3 |
|
|
|
130.5 |
|
Operating income |
|
41.8 |
|
|
|
32.9 |
|
Other expenses: |
|
|
|
||||
Interest income |
|
0.2 |
|
|
|
— |
|
Interest expense |
|
(1.6 |
) |
|
|
(1.1 |
) |
Other, net |
|
(0.1 |
) |
|
|
— |
|
Total other expense, net |
|
(1.5 |
) |
|
|
(1.1 |
) |
Net income |
$ |
40.3 |
|
|
$ |
31.8 |
|
Net income attributable to noncontrolling interest |
|
20.4 |
|
|
|
16.1 |
|
Net income attributable to |
$ |
19.9 |
|
|
$ |
15.7 |
|
Other comprehensive income: |
|
|
|
||||
Income/(loss) on derivative financial instruments |
$ |
(40.0 |
) |
|
$ |
5.2 |
|
Comprehensive income |
|
0.3 |
|
|
|
37.0 |
|
Comprehensive income attributable to noncontrolling interest |
|
0.8 |
|
|
|
18.6 |
|
Comprehensive (loss) income attributable to |
$ |
(0.5 |
) |
|
$ |
18.4 |
|
|
|
|
|
||||
Net income per limited partner unit: |
|
|
|
||||
Net income per limited partner unit (basic) |
$ |
0.99 |
|
|
$ |
0.78 |
|
Net income per limited partner unit (diluted) |
$ |
0.99 |
|
|
$ |
0.78 |
|
|
|
|
|
||||
Limited partner units outstanding: |
|
|
|
||||
Weighted average limited partner units outstanding (basic) |
|
19.8 |
|
|
|
19.8 |
|
Weighted average limited partner units outstanding (diluted) |
|
19.8 |
|
|
|
19.8 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
|
As of |
|||||
(In millions) |
|
|
|
|||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
18.6 |
|
|
$ |
21.3 |
Accounts receivable—affiliates |
|
54.2 |
|
|
|
53.9 |
Accounts receivable, net |
|
171.9 |
|
|
|
170.8 |
Inventory |
|
39.6 |
|
|
|
47.7 |
Other current assets |
|
8.7 |
|
|
|
47.8 |
Total current assets |
|
293.0 |
|
|
|
341.5 |
Property, plant and equipment, net |
|
296.0 |
|
|
|
298.9 |
Other non-current assets |
|
28.5 |
|
|
|
31.5 |
Total assets |
$ |
617.5 |
|
|
$ |
671.9 |
LIABILITIES AND EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Current portion of long-term debt |
$ |
8.9 |
|
|
$ |
8.8 |
Accounts payable |
|
28.8 |
|
|
|
37.1 |
Due to affiliates |
|
3.4 |
|
|
|
6.1 |
Accrued expenses |
|
48.7 |
|
|
|
59.6 |
Total current liabilities |
|
89.8 |
|
|
|
111.6 |
Long-term debt |
|
115.9 |
|
|
|
128.2 |
Other non-current liabilities |
|
16.4 |
|
|
|
16.1 |
Total liabilities |
|
222.1 |
|
|
|
255.9 |
Commitments and contingencies (See Note 9) |
|
|
|
|||
Equity: |
|
|
|
|||
Common unitholders - |
|
216.6 |
|
|
|
207.0 |
General partner unitholders - |
|
4.9 |
|
|
|
4.7 |
Accumulated other comprehensive income |
|
(1.2 |
) |
|
|
19.2 |
Partners’ capital attributable to |
|
220.3 |
|
|
|
230.9 |
Noncontrolling interest |
|
175.1 |
|
|
|
185.1 |
Total equity |
|
395.4 |
|
|
|
416.0 |
Total liabilities and partners’ equity |
$ |
617.5 |
|
|
$ |
671.9 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
Three Months Ended |
||||||
(In millions) |
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
40.3 |
|
|
$ |
31.8 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation, depletion and amortization expense |
|
8.5 |
|
|
|
6.6 |
|
Loss on disposal of assets, net |
|
0.2 |
|
|
|
— |
|
Other non-cash items |
|
0.2 |
|
|
|
0.4 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable—affiliates |
|
(0.3 |
) |
|
|
(1.3 |
) |
Accounts receivable, net |
|
(1.1 |
) |
|
|
(25.4 |
) |
Inventory |
|
7.8 |
|
|
|
(9.1 |
) |
Other current and non-current assets |
|
0.3 |
|
|
|
(1.1 |
) |
Accounts payable |
|
(7.5 |
) |
|
|
5.8 |
|
Due to affiliates |
|
(2.7 |
) |
|
|
1.6 |
|
Accrued expenses and other liabilities |
|
(10.1 |
) |
|
|
(1.6 |
) |
Net cash provided (used) by operating activities |
|
35.6 |
|
|
|
7.7 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(5.2 |
) |
|
|
(8.2 |
) |
Net cash used in investing activities |
|
(5.2 |
) |
|
|
(8.2 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings on Sisecam Wyoming Credit Facility |
|
35.0 |
|
|
|
40.0 |
|
Repayments on Sisecam Wyoming Credit Facility |
|
(45.0 |
) |
|
|
(10.0 |
) |
Repayments of Sisecam Wyoming Equipment Financing Arrangement |
|
(2.2 |
) |
|
|
(2.1 |
) |
Distributions to common unitholders, general partner and non-controlling interest |
|
(20.9 |
) |
|
|
(26.6 |
) |
Common units surrendered for taxes |
|
— |
|
|
|
(0.2 |
) |
Net cash used in financing activities |
|
(33.1 |
) |
|
|
1.1 |
|
Net increase in cash and cash equivalents |
|
(2.7 |
) |
|
|
0.6 |
|
Cash and cash equivalents at beginning of period |
|
21.3 |
|
|
|
2.7 |
|
Cash and cash equivalents at end of period |
|
18.6 |
|
|
|
3.3 |
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
||||
Interest paid during the period |
$ |
1.5 |
|
|
$ |
1.0 |
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing activities: |
|
|
|
||||
Capital expenditures on account |
$ |
1.8 |
|
|
$ |
3.2 |
|
Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles in
- Adjusted EBITDA;
- Distributable cash flow; and
- Distribution coverage ratio.
We define Adjusted EBITDA as net income (loss) plus net interest expense, income tax, depreciation, depletion and amortization, equity-based compensation expense and certain other expenses that are non-cash charges or that we consider not to be indicative of ongoing operations. Distributable cash flow is defined as Adjusted EBITDA less net cash paid for interest, maintenance capital expenditures and income taxes, each as attributable to
Adjusted EBITDA is a non-GAAP supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess the Partnership’s operating performance and liquidity. Adjusted EBITDA may provide an operating performance comparison to other publicly traded partnerships in our industry, without regard to historical cost basis or financing methods. Adjusted EBITDA may also be used to assess the Partnership’s liquidity including such things as the ability of our assets to generate sufficient cash flows to make distributions to our unitholders and our ability to incur and service debt and fund capital expenditures.
Distributable cash flow and distribution coverage ratio are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess the Partnership’s liquidity, including:
- the ability of our assets to generate sufficient cash flow to make distributions to our unitholders and
- our ability to incur and service debt and fund capital expenditures.
We believe that the presentation of Adjusted EBITDA provides useful information to our investors in assessing our financial conditions, results of operations and liquidity. Distributable cash flow and distribution coverage ratio provide useful information to investors in assessing our liquidity. The GAAP measures most directly comparable to Adjusted EBITDA is net income and net cash provided by operating activities. The GAAP measure most directly comparable to distributable cash flow and distribution coverage ratio is net cash provided by operating activities. Our non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and distribution coverage ratio should not be considered as alternatives to GAAP net income, operating income, net cash provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all items that affect net income and net cash provided by operating activities. Investors should not consider Adjusted EBITDA, distributable cash flow and distribution coverage ratio in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA, distributable cash flow and distribution coverage ratio may be defined differently by other companies, including those in our industry, our definition of Adjusted EBITDA, distributable cash flow and distribution coverage ratio may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.
The table below presents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measures of Adjusted EBITDA and distributable cash flow:
|
Three Months Ended |
||||||
(In millions, except per unit data) |
2023 |
|
2022 |
||||
Reconciliation of net income to Adjusted EBITDA attributable to |
|
|
|
||||
Net income |
$ |
40.3 |
|
|
$ |
31.8 |
|
Add backs: |
|
|
|
||||
Depreciation, depletion and amortization expense |
|
8.5 |
|
|
|
6.5 |
|
Interest expense, net |
|
1.4 |
|
|
|
1.1 |
|
Adjusted EBITDA |
|
50.2 |
|
|
|
39.4 |
|
Less: Adjusted EBITDA attributable to noncontrolling interest |
|
25.2 |
|
|
|
19.7 |
|
Adjusted EBITDA attributable to |
$ |
25.0 |
|
|
$ |
19.7 |
|
|
|
|
|
||||
Reconciliation of net cash from operating activities to Adjusted EBITDA and distributable cash flow attributable to |
|
|
|
||||
Net cash provided by operating activities |
$ |
35.6 |
|
|
$ |
7.7 |
|
Add/(less): |
|
|
|
||||
Amortization of long-term loan financing |
|
(0.1 |
) |
|
|
(0.1 |
) |
Net change in working capital |
|
13.7 |
|
|
|
31.1 |
|
Interest expense, net |
|
1.4 |
|
|
|
1.1 |
|
Other non-cash items and loss on disposal of assets, net |
|
(0.4 |
) |
|
|
(0.4 |
) |
Adjusted EBITDA |
|
50.2 |
|
|
|
39.4 |
|
Less: Adjusted EBITDA attributable to noncontrolling interest |
|
25.2 |
|
|
|
19.7 |
|
Adjusted EBITDA attributable to |
|
25.0 |
|
|
|
19.7 |
|
Less: Cash interest expense, net attributable to |
|
0.7 |
|
|
|
0.5 |
|
Less: Maintenance capital expenditures attributable to |
|
2.8 |
|
|
|
4.1 |
|
Distributable cash flow attributable to |
$ |
21.5 |
|
|
$ |
15.1 |
|
|
|
|
|
||||
Cash distribution declared per unit |
$ |
0.5 |
|
|
$ |
0.5 |
|
Total distributions to unitholders and general partner |
$ |
10.1 |
|
|
$ |
10.1 |
|
Distribution coverage ratio |
|
2.1 |
|
|
|
1.5 |
|
The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA to GAAP financial measure of net income for the periods presented:
(Dollars in millions, except per unit data) |
Cumulative Four Quarters ended Q1-2023 |
|
Q1-2023 |
|
Q4-2022 |
|
Q3-2022 |
|
Q2-2022 |
|
Q1-2022 |
||||||
Reconciliation of Net income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income |
$ |
136.5 |
|
$ |
40.3 |
|
$ |
33.9 |
|
$ |
31.1 |
|
$ |
31.2 |
|
$ |
31.8 |
Add backs: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization expense |
|
29.9 |
|
|
8.5 |
|
|
6.4 |
|
|
7.8 |
|
|
7.2 |
|
|
6.5 |
Interest expense, net |
|
6.1 |
|
|
1.4 |
|
|
1.6 |
|
|
1.7 |
|
|
1.4 |
|
|
1.1 |
Equity-based compensation (benefit) expense, net of forfeitures |
|
0.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
Adjusted EBITDA |
|
172.8 |
|
|
50.2 |
|
|
41.9 |
|
|
40.6 |
|
|
40.1 |
|
|
39.4 |
Less: Adjusted EBITDA attributable to non-controlling interest |
|
86.3 |
|
|
25.2 |
|
|
20.9 |
|
|
20.3 |
|
|
19.9 |
|
|
19.7 |
Adjusted EBITDA attributable to |
$ |
86.5 |
|
$ |
25.0 |
|
$ |
21.0 |
|
$ |
20.3 |
|
$ |
20.2 |
|
$ |
19.7 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA attributable to |
|
86.5 |
|
|
25.0 |
|
|
21.0 |
|
|
20.3 |
|
|
20.2 |
|
|
19.7 |
Less: Cash interest expense, net attributable to |
|
2.8 |
|
|
0.7 |
|
|
0.7 |
|
|
0.8 |
|
|
0.6 |
|
|
0.5 |
Less: Maintenance capital expenditures attributable to |
|
13.2 |
|
|
2.8 |
|
|
4.2 |
|
|
2.7 |
|
|
3.5 |
|
|
4.1 |
Distributable cash flow attributable to |
$ |
70.5 |
|
$ |
21.5 |
|
$ |
16.1 |
|
$ |
16.8 |
|
$ |
16.1 |
|
$ |
15.1 |
|
|
|
|
|
|
|
|
|
|
|
|
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Cash distribution declared per unit |
$ |
2.0 |
|
$ |
0.5 |
|
$ |
0.5 |
|
$ |
0.5 |
|
$ |
0.5 |
|
$ |
0.5 |
Total distributions to unitholders and general partner |
$ |
40.4 |
|
$ |
10.1 |
|
$ |
10.1 |
|
$ |
10.1 |
|
$ |
10.1 |
|
$ |
10.1 |
Distribution coverage ratio |
|
1.75 |
|
|
2.13 |
|
|
1.59 |
|
|
1.67 |
|
|
1.60 |
|
|
1.50 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230428005478/en/
Investor Relations
M. Nedim Kulaksizoglu
Chief Financial Officer
(770) 375-2321
NKULAKSIZOGLU@sisecam.com
Source: