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GLOBAL PARTNERS LP [GLP-PB] reports annual net loss of $152.5 million
By USInMinutes - Mar 04, 2024, 10:17 AM ET
Last Updated - Mar 04, 2024, 10:17 AM EST
![GLOBAL PARTNERS LP [GLP-PB] reports annual net loss of $152.5 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGLP-PB.png&w=3840&q=75)
Company Reports Revenue of $16.5 billion
GLOBAL PARTNERS LP [GLP-PB] has reported a net loss of $152.5 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $16.5 billion
Based in WALTHAM, Massachusetts, GLOBAL PARTNERS LP operates in the WHOLESALE sector.
In the latest annual report ending December 31, 2023, the company's revenue was recorded at $16.49 billion, showcasing a slight decrease compared to the previous year's revenue of $18.88 billion. This decline in sales can be attributed to various factors affecting the company's operations.
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The cost of goods sold or operating expenses for the current reporting period amounted to $15.52 billion, which is lower than the previous year's figure of $17.78 billion. This reduction in costs contributed positively to the company's gross profit, which stood at $973.64 million for the current period, down from $1.10 billion in the previous year.
Total operating expenses, including selling, general, and administrative expenses, for the current period totaled $729.87 million, higher than the previous year's expenses of $637.36 million. Despite this increase, the operating income for the current period was $243.77 million, a significant decrease from $460.29 million in the previous year.
The net income for the current period was reported at $152.51 million, down from $362.21 million in the previous year. This decline in net income can be attributed to various factors impacting the company's profitability and financial performance.
In terms of earnings per share, the basic net income per common limited partner unit for the current reporting period was $3.77, compared to $10.06 in the previous year. Similarly, the diluted net income per common limited partner unit for the current period was $3.76, lower than $10.02 in the previous year.
Overall, the company's financial performance for the current reporting period reflects a decrease in revenue, operating income, net income, and earnings per share compared to the previous year. These results indicate challenges that the company may be facing in its operations and financial management, which could impact its shareholders and investors.
USInMinutes/IndiaInMinutes is an offering of 10kInfo, Inc., bringing you news on the latest regulatory filings. You may subscribe to more news alerts here. Although care is taken to ensure accuracy of the data, the article does not intend to replace user diligence while taking decisions of financial or legal implications
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