Penn Virginia Resource Partners LP (PVR) reported that its first-quarter net loss attributable to the company was $110.34 million or $1.39 per limited partner unit, compared to net income of $8.18 million or $0.17 per limited partner unit in the same quarter last year.
Adjusted net income for the quarter declined to $15.81 million from $22.41 million in the year ago quarter.
Total revenues for the quarter declined to $246.42 million from $253.53 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share on revenues of $328.26 million for the quarter. Analysts' estimates typically exclude special items.
Penn Virginia Resource GP, LLC, the general partner of PVR, declared a quarterly cash distribution of $0.52 per unit payable on May 14, 2012 to unitholders of record at the close of business on May 8, 2012. This distribution equates to an annualized rate of $2.08 per unit, and represents a 2.0% increase over the prior quarter distribution and an 8.3% increase over the first quarter of 2011.
Current guidance for full year 2012 EBITDA in the range of $260-$280 million and full year 2012 distributable cash flow, net of maintenance and replacement capital, in the range of $160-$180 million is unchanged from prior announcements.
by RTT Staff Writer
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