Breaking News
FONT-SIZE Plus   Neg
Share SHARE

NuStar Energy Posts Q4 Loss

RELATED NEWS
Trade NS now with 

NuStar Energy L.P. (NS: Quote) Friday posted a loss for the fourth quarter, from a profit last year, due mainly to a sharp drop in revenues at its asphalt and fuel marketing business. Meanwhile, NuStar GP Holdings LLC (NSH: Quote), which holds interest in NuStar Energy, reported a decline in its fourth-quarter profit.

NuStar reported fourth-quarter loss of $11.02 million, compared to a profit of $30.20 million last year.

Net loss applicable to limited partners totaled $21.21 million or $0.27 per share, compared to a profit of $19.78 million or $0.30 per share last year.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.33 per share for the quarter. Analysts' estimate typically excludes special items.

NuStar's revenues for the quarter plunged to $984.77 million from $1.82 billion last year. Analysts expected revenues of $801.22 million for the quarter.

The storage segment revenue remained relatively flat at $148.5 million, while transportation segment revenues rose to $95.5 million from $85.0 million last year. Revenues from asphalt and fuels marketing business, the top contributor to the revenues, dropped to $752.0 million from $1.61 billion last year.

Commenting on the asphalt and fuels marketing segment, Chief Executive Curt Anastasio said, "Due to the third quarter 2012 sale of 50% of our asphalt operations and the January 1, 2013 sale of our San Antonio refinery, now reported as discontinued operations, the only operating results included in this segment in the fourth quarter of 2012 relate to our fuels marketing operations."

Meanwhile, NuStar GP's fourth-quarter profit dropped to $5.1 million or $0.12 per unit from $19.0 million or $0.45 per unit last year. Analysts expected profit of $0.38 per share for the quarter.

NuStar GP also declared a distribution of $0.545 per unit, payable on February 19 to holders as of February 11.

NS is currently trading at $51.20, up $0.10 or 0.20%, on the NYSE. NSH is currently trading at $31.81, up $0.19 or 0.60%.

Register
To receive FREE breaking news email alerts for NuStar Energy L.P. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Global consumer confidence increased in the second quarter to reach the highest levels since the first quarter in 2007 as job optimism improved, results of a survey by Nielsen showed Tuesday. The Nielsen Global Consumer Confidence Index rose a point from the previous quarter to 97 in the second quarter.... Texas Instruments Inc., the world's largest maker of analog chips, said Monday after the markets closed that its second quarter profit rose 3% from last year, as revenue increased 8%. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave an upbeat outlook for the third quarter. After coming under pressure in early trading on Monday, stocks regained some ground over the course of the trading session but still closed modestly lower. The pullback on the day partly offset the strength that was seen last week.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.