Wednesday, Genesis Energy L.P. (GEL) reported a profit for the second quarter compared with a loss last year, reflecting the continuing integration of the Davison businesses it acquired in the third quarter of 2007.
The diversified midstream energy supplier posted second-quarter net income of $7.3 million or $0.17 per unit, compared with a loss of $1.4 million or $0.09 per unit in the prior-year quarter.
Second-quarter revenues increased to $640.54 million from $201.01 million reported in the corresponding quarter last year.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.05 per share on revenues of $475.62 million for the quarter. For the six-month period, the company's net income registered a sharp increase to $8.97 million or $0.21 per share, from $0.21 million or $0.02 per share, in the same period last year. Revenues for the period rose to $1.13 billion, from $0.38 billion in the last year.
The company also noted that it had completed the acquisition of the inland marine transportation business of Grifco Transportation, Ltd., in July through a 49% owned joint venture with certain members of the Davison family, and closed a $75 million credit facility at the joint venture level in an otherwise challenging market for new bank credits.
The company stock is currently trading up 2.17% at $18.80 on the Amex.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.