Palm Beach, FL – August 12, 2022 – FinancialNewsMedia.com News Commentary – The automotive fuel market is expected to continue to rise even as the electric market grows. A recent report from Research Corridor says that the global automotive oil & fuel market size is expected to register a significant CAGR during the forecast period 2020 to 2027, and other reports have projected that the automotive fuel delivery system market is expected to grow at a CAGR of more than 6% (2022 – 2032). The reports say that: “The rising demand for automobiles is expected to boost market revenues for the global automotive fuel delivery system market. The fuel delivery system is an important part of an automobile because it transports fuel from the tank to the combustion chamber in the cylinder head. The storage tank, Engine Control Unit (ECU), pressure regulators, fuel pumps, fuel injectors, and throttle position sensor are all part of the automobile fuel delivery system. The global automotive fuel delivery system market is directly related to automobile demand, as rising automobile demand drives sales of automotive fuel delivery systems. Although fuel delivery systems are used in all types of vehicles regardless of fuel type, such as gasoline or compressed natural gas (CNG), slight modifications to the fuel delivery systems are made depending on the fuel used.” Active companies in the markets this week include EzFill Holdings, Inc. (NASDAQ: EZFL), Sunoco LP (NYSE: SUN), ARKO Corp. (NASDAQ: ARKO), UGI Corporation (NYSE: UGI), Delek Logistics Partners, LP (NYSE: DKL).
Research Corridor added: “The increasing sales of high-performance cars and supercars are one of the key drivers supporting the growth of the automotive fuel delivery system market. Performance-oriented vehicles reach top speeds and are outfitted with a specially designed drivetrain in a short period of time. In terms of technological development, an increase in the sales of high-performance cars is expected to drive the growth of the global automotive fuel delivery system market. The global automotive fuel delivery system market is expected to expand as sales of automobiles in various segments such as two-wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles increase. The increasing demand for alternative fuels such as CNG and LNG is expected to drive demand in the global automotive fuel delivery system market.”
EzFill Holdings, Inc. (NASDAQ: EZFL) BREAKING NEWS: EzFill Announces Second Quarter 2022 Financial Results — Revenue Increased 103% year over year to $3.76 Million From $1.85 Million — Average Margin per Gallon rose 32%, to $0.49 Compared to $0.37 in 2Q21 — Expanded Operations to West Palm Beach, Tampa and Orlando — EzFill Holdings, Inc. (“EzFill” or the “Company”), a pioneer and emerging leader in the mobile fueling industry, announced today its financial results for the three-month period ended June 30, 2022 (“2Q22” or “second quarter 2022”).
2Q 22 Highlights (in US$, except gallons delivered)
|Q2 2022||Q2 2021|
|Total Gallons Delivered||789,970||607,765|
|Avg. Margin per Gallon||$0.49||$0.37|
|* See end of this press release for reconciliation to US GAAP|
Commenting on the second quarter results, Mike McConnell, EzFill’ s Chief Executive Officer, stated, “Our performance in the second quarter reflects the continued execution of our business plan, as we demonstrated strong year over year revenue growth in both the three months and six months periods. We also delivered strong sequential revenue growth from the first quarter as gallons delivered rose by 34%, from 591,505 gallons to 789,970 gallons. Equally important is that we’ve been able to increase our fuel margins during a period of time in which we saw dramatic increases and volatility in fuel prices which had been building for some time but went parabolic at the onset of the war in Ukraine.
“We’ve added approximately 40 new fleet customers since the beginning of the year, representing a potential volume growth of approximately 1.2 million gallons annually. We’ve grown our fleet to 3034 delivery vehicles as of the end of Q2, with more planned for delivery being delivered as we continue to see growing demand for our services throughout Florida. Commercial customers account for the most of our revenues, but it’s important to note that the growth we’re experiencing in new commercial customers is having a dramatic impact on reducing our dependence on any one customer. We now count one of the largest grocers in the US as one of our commercial customers, and we look forward to building on that success. We remain focused on growing the consumer end of the business, and to that end we recently launched a new marketing campaign aimed at building brand awareness. The on-demand mobile fueling business continues to benefit from both the ongoing decline in the number of gasoline stations and consumer preference for on-demand, onsite delivery. And as the only company to provide fuel delivery in three vertical segments – EzFill continues to be well positioned to capitalize on these trends.” CONTINUED… Read the EzFill full press release by going to: https://ir.ezfl.com/news-events/press-releases
Additional recent developments in the markets this week include:
Sunoco LP (NYSE: SUN) recently announced that the Board of Directors of its general partner declared a quarterly distribution for the second quarter of 2022 of $0.8255 per common unit or $3.3020 per common unit on an annualized basis. The distribution will be paid on August 19, 2022 to common unitholders of record on August 8, 2022.
Sunoco is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets.
ARKO Corp. (NASDAQ: ARKO), one of the largest convenience store operators and fuel wholesalers in the United States, recently announced financial results for the quarter ended June 30, 2022.
Second Quarter 2022 Key Highlights Were: Operating income was $48.3 million for the quarter, an increase of 5.5% compared to $45.8 million in Q2 2021; Net income was $31.8 million, an increase of $6.2 million or 24.4% compared to $25.6 million in Q2 2021; Adjusted EBITDA increased 4.4% to $79.0 million for the quarter compared to $75.7 million in Q2 2021; Merchandise revenue of $431.8 million for the second quarter compared to $426.4 million in Q2 2021; total merchandise contribution increased $9.0 million, or 7.3%, to $131.4 million, compared to Q2 2021; Merchandise margin increased 170 basis points to 30.4% compared to 28.7% in Q2 2021; Second quarter same store merchandise sales excluding cigarettes was 5.7% on a two-year stack; and Second quarter total fuel gross profit of $130.8 million increased 15.1% versus Q2 2021. Approximately 3.1 million shares of common stock repurchased during Q2 2022 at an average price of $8.65, for $27.0 million.
UGI Corporation (NYSE: UGI) recently reported financial results for the fiscal quarter ended June 30, 2022. Q3 GAAP diluted earnings per share (“EPS”) of $(0.03) and adjusted diluted EPS of $0.06 compared to GAAP diluted EPS of $0.71 and adjusted diluted EPS of $0.13 in the prior-year period; Year-to-date GAAP diluted EPS of $3.84 and adjusted diluted EPS of $2.90 compared to GAAP diluted EPS of $4.48 and adjusted diluted EPS of $3.30 in the prior-year period; Q3 reportable segments earnings before interest expense and income taxes1(“EBIT”) of $100 million compared to $98 million in the prior-year period.
Strong balance sheet with available liquidity of approximately $2.1 billion as of June 30, 2022. Additional strides in our renewables strategy with a commitment to fully fund three projects to produce RNG in South Dakota, with a total investment of ~$70 million; Released the fourth annual ESG report entitled, “Transparency, Action and Progress”, highlighting our strong progress on all key initiatives.
On July 28, 2022, UGI Utilities’ joint petition for settlement of its gas rate case was approved by a PA Public Utility Commission (“PA PUC”) Administrative Law Judge, and is further subject to an order of the PA PUC. Pending approval, the settlement would permit a total of $49.45 million annual distribution rate increase, in two phases, with the first beginning October 29, 2022, and a weather normalization adjustment mechanism.
Delek Logistics Partners, LP (NYSE: DKL) recently announced its financial results for the second quarter 2022. For the three months ended June 30, 2022, Delek Logistics reported net income attributable to all partners of $32.2 million, or $0.74 per diluted common limited partner unit. This compares to net income attributable to all partners of $43.2 million, or $1.00 per diluted common limited partner unit, in the second quarter 2021. Net cash from operating activities was $85.1 million in the second quarter 2022 compared to $85.8 million in the second quarter 2021. Distributable cash flow, as adjusted was $55.6 million in the second quarter 2022, compared to $53.8 million in the second quarter 2021.
For the second quarter 2022, earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $64.5 million (including $6.2 million of adverse closing costs associated with 3 Bear Delaware – NM, LLC) compared to $66.8 million in the second quarter 2021.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty five hundred dollars for news coverage of the current press releases issued by EzFill Holdings, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact email: email@example.com – +1(561)325-8757