05:26 PM EST, 11/14/2024 (MT Newswires) -- Chemtrade Logistics Income Fund (CHE-UN.TO) after trade Thursday said its third-quarter profit dropped 15% on lower revenues while updating its guidance higher.

The fund said it earned $60.1 million in the period, down from $70.8 million in the year-prior quarter. It said the drop came on higher finance costs and lower Adjusted EBITDA, partially offset by lower depreciation and amortization expenses and lower income tax expense.

Revenue fell 1.9% to $474.2 million.

"Chemtrade delivered another excellent quarter of results this period, only slightly below our very strong third quarter of 2023, with modest underlying growth offset by transitory factors including the impact of the Canadian railway work stoppage during the quarter ... Based on our performance year-to-date and our outlook for the fourth quarter, we expect 2024 will be Chemtrade's second highest Adjusted EBITDA year in its history," chief executive Scott Rook said.

Rook added, ""Looking at the balance of 2024 and ahead into 2025, we maintain an optimistic outlook. Given our broad product portfolio, we expect to see sustained robust performance for several of our key products, while we believe others may see some modest softening. Our diversified portfolio and our defensive characteristics are expected to support continued solid cash flow generation moving forward, which we intend to use to deliver additional value to our unitholders through a balance of strategic growth investments, return of capital to unitholders, and ongoing balance sheet management."

Chemtrade units closed up $0.09, or 0.8%, to $11.09 on the Toronto Stock Exchange.