Genesis Energy, L.P. reported a GAAP EPS loss of -$0.32 for the third quarter of 2024, missing consensus estimates by $0.22. Total revenue for the quarter was $714.29 million.
The offshore pipeline transportation segment margin decreased to $72.149 million in Q3 2024 from $109.26 million in Q3 2023. This decline was attributed to unexpected delays at new sub-sea developments and prolonged producer mechanical issues.
The soda ash business also faced operational challenges at its Westvaco facility, leading to a shortfall of over 300,000 tons from the original full-year sales forecast. Despite these near-term headwinds, management reiterated confidence in achieving Adjusted EBITDA growth starting in 2025.
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