EPS of $1.05 missed the consensus of $1.28. 

Total volume remained flat year over year to 1.3 billion gallons.

Adjusted EBITDA decreased to $91.6 million from $134.9 million a year ago.

Combined product margin (gross profit adjusted for depreciation allocated to cost of sales) came in at $265.6 million compared with $301.9 million a year ago.

Gasoline Distribution and Station Operations (GDSO) segment product margin was $199.1 million compared with $198.9 million a year ago. 

The wholesale segment product margin was $59.7 million compared with $90.5 million a year ago, primarily due to less favorable market conditions in distillates and residual oil.

The company exited the quarter with cash and equivalents worth $11.04 million. 

Outlook

"Looking ahead, we remain focused on executing our strategic priorities to maintain our competitive position and drive value for our unitholders."

Price Action: GLP shares are trading lower by 2.28% to $33.07 on the last check Friday.