Gregory Hanson
Chief Financial Officer at Global Partners
SG and A expense increased $7,000,000 in Q3 2024 to 70,500,000 dollars primarily due to increases in long term incentive compensation, wages and benefits and other expenses. Interest expense increased $14,000,000 to $35,100,000 in Q3 of 2024, primarily due to interest expense related to the 8.25 percent senior notes issued this past January, which were used to facilitate the Motiva acquisition and higher average balances on our credit facility as a result of the recent Gulf Terminal acquisition. CapEx in the 3rd quarter was 24,300,000 consisting of $11,200,000 of maintenance CapEx and $13,100,000 of expansion CapEx, primarily related to investments in our gasoline station and term loan businesses. For the full year of 2024, we currently expect maintenance CapEx in the range of $50,000,000 to 60,000,000 dollars Based on our anticipated projects through the end of the year related to investments in our gasoline stations and terminals, we are revising our planned expansion CapEx for 2024 to a range of $40,000,000 to $50,000,000 from our previous expectation of $60,000,000 to 70,000,000 These current estimates depend in part on the timing of project completion, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments. Our balance sheet remains strong at September 30.