Buckeye Partners, L.P. (BPL), a provider of transportation, terminalling, and storage services for integrated oil companies, Monday reported a rise in profit for the third quarter, despite a decline in revenues, benefiting from lower costs and expenses.
Income from continuing operations for the third quarter was $59.59 million, compared to $48.03 million in the previous year.
Net income attributable to Buckeye Partners was $57.89 million, or $0.89 per limited partner unit, compared to $46.6 million, or $0.75 per limited partner unit, a year ago.
Net income allocated to limited partners for the quarter increased to $45.65 million from $38.13 million last year. Results for the quarter include reorganization expense of $996 thousand.
On an adjusted basis, net income allocated to limited partners was $46.63 million compared to $128.87 million last year. Adjusted net income attributable to Buckeye's unitholders for the third quarter was $58.9 million, or $0.90 per LP unit, compared to $164.71 million, or $2.55 per LP unit, last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per unit for the quarter. Analysts' estimates typically exclude special items.
Distributable cash flow for the quarter increased to $70.17 million from $58.04 million in the previous year.
Total revenue for the quarter declined to $423.44 million from $496.17 million a year ago. Analysts expected revenue of $427.03 million for the quarter.
Product sales declined to $258.19 million from $345.73 million last year. Revenue from transportation and other services increased to $165.25 million from $150.44 million in the previous year.
By segment, revenue from pipeline operations increased to $96.71 million from $91.44 million and revenue from terminalling and storage increased to $34.04 million from $33.03 million last year. Natural gas storage revenues increased to $28.58 million from $16.76 million a year ago. Revenue from energy services was $258.41 million, down from $344.49 million in the previous year. Revenue from other operations declined to $1.80 million from $1.54 million last year.
Total costs and expenses declined to $347.48 million from $431.72 million a year ago. Cost of product sales and natural gas storage services declined to $258.51 million from $334.96 million in the previous year. Operating expenses decreased to $65.54 million from $72.68 million last year.
For the nine-month period, net income attributable to Buckeye's unitholders was $63.3 million, or $0.55 per LP unit, compared to $130.3 million, or $2.10 per LP unit, for the first nine months of 2008. Adjusted net income attributable to Buckeye's unitholders was $164.7 million, or $2.55 per LP unit. Total revenue for the period increased to $1.91 billion from $1.37 billion last year.
In addition, the company declared a quarterly partnership cash distribution of $0.925 per limited partner unit, payable on November 30, 2009 to unitholders of record on November 12, 2009.
BPL is currently trading at $50.01, up 0.29 or 0.58%, on the NYSE.
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