NuStar Energy L.P. (NS) reported third quarter net income applicable to limited partners of $56.1 million or $1.03 per unit, compared to $141.32 million or $2.60 per unit last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share. Analysts' estimates typically exclude special items.
Total revenues declined to $1.25 billion from $1.83 billion in the prior year quarter. Seven analysts estimated revenues of $1.12 billion.
NuStar Energy L.P. also announced that its board of directors has increased its distribution to $1.065 per unit, which would equate to $4.26 per unit on an annual basis.
In the company's asphalt operations, it expects fourth quarter 2009 earnings to follow the typical seasonal pattern of decline as sales volumes and margins taper off and we start winter-filling for the next asphalt season. Based on current forecast, the company expects the partnership's fourth quarter 2009 EBITDA to be in the range of $80 to $100 million.
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