Buckeye Partners, L.P. (BPL: Quote) Friday said net income attributable to Buckeye's unitholders for the second quarter was $92.02 million or $1.00 per unit, up from $11.51 million or $0.58 per unit in the year-ago period.
The diluted weighted average number of units outstanding in the second quarter of 2011 was 92.1 million compared to 20.0 million in the prior-year period, reflecting Buckeye's merger with Buckeye GP Holdings L.P. in the fourth quarter of 2010.
On average, ten analysts polled by Thomson Reuters expected the company to report a profit of $0.81 per share. Analysts' estimates typically exclude special items.
Total revenue for quarter grew to $1.08 billion from $667.28 million a year earlier and topped analysts consensus estimate of $937.64 million.
Buckeye also said its general partner declared a cash distribution of $1.0125 per limited partner unit for the quarter ended June 30, 2011. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. This cash distribution represents a 5.2 percent increase over the $0.9625 per limited partner unit distribution declared for the second quarter of 2010.
The distribution will be payable on August 31, 2011 to unitholders of record on August 15, 2011.
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by RTT Staff Writer
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