Sunoco LP (NYSE:SUN) shares are trading lower after it reported fourth-quarter revenues of $5.27 billion, which missed the consensus of $6.21 billion.

Adjusted distributable cash flow of $261 million was higher than $148 million a year ago. Adjusted EBITDA increased to $439 million from $236 million a year ago.

EPS of $0.75 missed the consensus of $1.34.

The Fuel Distribution segment sold around 2.2 billion gallons of fuel (broadly flat year over year), with the fuel margin for all gallons sold at 10.6 cents per gallon versus 11.8 cents per gallon in the prior year quarter.

Adjusted EBITDA for the Fuel Distribution segment declined to $192 million compared to $209 million in the prior year quarter.

Total capital expenditures were $132 million, including $74 million for growth capital and $58 million for maintenance capital.

On January 27, Sunoco declared a distribution of $0.8865 per unit, payable on February 19, to unitholders of record as of February 7, 2025.

As of December 31, the company had long-term debt of about $7.5 billion and approximately $1.3 billion in liquidity remaining on its $1.5 billion revolving credit facility.

Outlook: For 2025, the company expects adjusted EBITDA of $1.90 billion – $1.95 billion, total operating expenses of $900 million – $925 million, growth capital expenditures of at least $400 million, and maintenance capital expenditures of about $150 million.

The company targets a distribution growth rate of at least 5% for 2025 and will announce future increases quarterly.

Investors can gain exposure to the stock via InfraCap MLP ETF (NYSE:AMZA) and Alerian MLP ETF (NYSE:AMLP).

Price Action: SUN shares are down 2.81% at $55.07 at the last check Tuesday.

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