Buckeye Partners, L.P. (BPL) 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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.