Sprague Resources has reported an increase in its net income and EBITDA following strong performance in its first quarter 2017 financials.
Net income was $64.5 million for the first quarter 2017, compared to $29.8 million for the first quarter of 2016. Its adjusted EBITDA was $47.3 million for this period compared to $45.4 million in the same quarter last year.
In 2017, the company acquired a refined product terminal in Rhode Island from Capital Terminal Company as well as two New York refined product terminal from Carbo Industries and Carbo Realty.
David Glendon, president and CEO, says: 'Sprague closed a total of four acquisitions to date this year, and our acquisition pipeline remains robust including opportunities to expand our geographic footprint. With our low permanent leverage, and a recent amendment to our credit facility, we remain well positioned to continue to execute on our growth strategy.'
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