04:47 PM EDT, 07/29/2024 (MT Newswires) -- Gibson Energy ( GBNXF ) after trade Monday reported its second-quarter profit beat expectations, driven by higher revenue.

The oil infrastructure and marketing company said it earned $63.33 million in the period, up 22% from $52.03 million in the year-prior quarter and topping the consensus estimate for a profit of about $58 million, according to Capital IQ. Per-share results were not disclosed.

The company attributed the rise to higher adjusted EBITDA, partially offset by higher finance costs, depreciation and amortization expenses.

Revenue rose 24% to $3.23 billion, primarily due to higher revenues within the Marketing segment driven by increased volume and commodity prices and the revenue contribution from the Gateway Terminal in Texas.

Adjusted EBITDA on a consolidated basis was $159 million in the second quarter, a $43 million or 38% increase over the second quarter of 2023. This was below a Capital IQ forecast of $162.72 million.

"We are pleased to announce another strong quarter, driven by a new high water mark for our Infrastructure segment and solid Marketing performance in line with guidance," chief executive Steve Spaulding noted. "Furthermore, subsequent to the quarter, we announced the extension of a long-term contract at our Gateway Terminal with an investment grade global E&P company which achieved our overarching commercial objectives related to contract term and rate, enhancing the strength and stability of our cash flows, and positioning us for continued success."

Earllier this month Gibson said Curtis Philippon will succeed Spaulding, who is retiring, as chief executive on Aug.29.

The company's board declared a quarterly dividend of $0.41 per common share payable on Oct.17 to shareholders of record on Sept.30 and unchanged from the prior quarter.

Gibson's shares closed down $0.31 to $22.78 on the Toronto Stock Exchange, near its 52-week high of $23.64.