Revenue during the quarter grew 15.52 percent to $766.82 million from $663.79 million in the previous year period. Gross margin for the quarter contracted 529 basis points over the previous year period to 6.74 percent. Total expenses were 99.03 percent of quarterly revenues, up from 94.79 percent for the same period last year. That has resulted in a contraction of 423 basis points in operating margin to 0.97 percent.

Operating income for the quarter was $7.48 million, compared with $34.58 million in the previous year period.

However, the adjusted EBITDA for the quarter was almost stable at $30.42 million, when compared with the prior year period. At the same time, adjusted EBITDA margin contracted 60 basis points in the quarter to 3.97 percent from 4.56 percent in the last year period.

"I am pleased to report that Sprague delivered another year of solid financial performance in 2016. We grew distributions to unitholders by 12% and posted distribution coverage of 1.6 times for the year," said David Glendon, president and chief executive officer. "Our recent acquisitions highlight our commitment to continue that growth. Sprague's strong balance sheet, lender support and ability to access capital markets provides us with a unique opportunity to continue executing our growth strategy. Based on the expected impact of these transactions, combined with results to date in the first quarter, were issuing a 2017 adjusted EBITDA guidance range of between $115 and $130 million," said Mr. Glendon.