Oiltanking Partners, L.P. (OILT) reported second-quarter 2012 net income of $16.6 million, compared to $7.6 million in the prior year quarter.
Income allocated to common unitholders was $8.1 million or $0.41 per unit.
Revenues increased 14.1% to $33.82 million from $29.65 million in the comparable quarter last year, mainly due to additional revenues from new storage capacity placed into service in December 2011 and April 2012 and to an escalation in storage fees, resulting in an increase in storage service fee revenue of $2.3 million, higher throughput fee revenue of $1.5 million.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share on revenues of $33.39 million for the quarter. Analysts' estimates typically exclude special items.
On July 19, 2012, the Partnership declared an increase in its cash distribution to $0.36 per unit, or $1.44 per unit on an annualized basis, for all of its outstanding limited partner units. The $14.3 million cash distribution will be paid on August 14, 2012 to all unitholders of record as of August 3, 2012.
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