Tuesday, NuStar GP Holdings, LLC (NSH) announced that its profit for the third quarter declined from the previous year quarter.
The company recorded net earnings of $17.7 million or $0.42 per unit, compared to $34.8 million or $0.82 per unit, for the third quarter of 2008.
Eight Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Distributable cash flow available to unitholders for the third quarter was $18.9 million or $0.44 per unit, compared to $18.3 million or $0.43 per unit for the third quarter of 2008.
Equity in earnings of NuStar Energy L.P. for the quarter were $18.05 million, down from $35.66 million in the same quarter last year.
Five analysts had a consensus revenue estimate of $21.39 million for the quarter.
NuStar GP Holdings further announced that its board has declared a distribution of $0.435 per unit, which would equate to $1.74 per unit on an annual basis. The third quarter 2009 distribution will be paid on November 17, 2009, to holders of record as of November 5, 2009.
Net income for the nine months were $51.10 million or $1.20 per unit, compared to $55.59 million or $1.31 per unit for the previous year period. Nine month equity in earnings of NuStar Energy L.P. were $52.78 million versus $58.12 million for the previous year period.
NSH is currently being traded at $24.60 down $0.15 or 0.61% on a volume of 40,710 thousand shares on the NYSE.
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