Sunoco Logistics Partners L.P. (SXL) Tuesday said its second quarter earnings increased from the similar quarter a year ago, on improved operating income helped primarily by an improvement in lease acquisition results, an increase in crude oil pipeline and storage revenues and the acquisition of the MagTex refined products pipeline and terminals system completed in November 2008.
Quarterly net income increased to $66.6 million or $1.74 per limited partner unit from $51.3 million or $1.47 per limited partner unit in the same quarter a year ago.
On average, ten analysts polled by Thomson Reuters expected second quarter earnings of $1.47 per share for the quarter. Analysts' estimate typically exclude special items such as one-time charges or gains.
Operating income for the second quarter increased 31.9% to $78.327 million from $59.387 million in the same quarter a year ago, helped by increases in operating income from pipe line segments.
The increase in operating income, however, was partially offset by a $3.6 million increase in interest expense related to higher borrowings for asset acquisitions and organic growth opportunities.
Quarterly revenues decreased to $1.3 billion from $3.3 billion in the previous year quarter, however, came in ahead of Street estimates of $1.22 billion.
The company also declared a cash distribution of $1.04 per common partnership unit or $4.16 annualized, an increase of 11.2% from the similar quarter a year ago, payable at August 14, 2009 to unit holders of record on August 7, 2009.
For the six-month period, net income increased to $147.549 million or $4.06 per limited partner unit from $88.826 million or $2.51 per limited partner unit.
Revenues for the period decreased to $2.333 billion from $5.709 billion in the same quarter a year ago.
SXL closed Tuesday's trading at $54.90, down $0.18 or 0.33%, on a volume of 0.91 million shares on the NYSE. In the after hours, the stock gained $1.60 or 2.91%, to trade at $56.50.
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