Monday,a terminaling and transportation company, TransMontaigne Partners L.P. (TLP) reported a third quarter decline in profit on higher direct operating expenses, even as revenues increased marginally.
The Denver, Colorado based company's third-quarter net income decreased to $5.7 million from $7.0 million in the year ago quarter.
Net income allocable to limited partners for the quarter was $5.13 million, down from $6.37 million in the year ago quarter. On a per share basis, profit declined to $0.41 from $0.51 last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenue increased marginally to $35.4 million from $35.2 million in the year ago quarter. Four analysts expected revenue of $36.43 million for the quarter.
Total firm commitments for the quarter increased to $28.47 million from $26.69 million in the year ago period. While total variable declined to $6.8 million from $8.5 million last year.
In the current quarter, revenue was up at the Gulf Coast, Midwest and Brownsville terminals of approximately $0.6 million, $0.3 million and $0.7 million, respectively.
However, revenue at the River terminal declined to $1.1 million and Southeast terminals decreased to $0.4 million for the quarter.
TransMontaigne's operating income was $7.8 million, down from $8.8 million a year go. Direct operating costs and expenses edged up to $16.9 million from $16.3 million in the same quarter last year.
Adjusted operating surplus was $10.9 million and distributions allocable to the period was $8.0 million for the quarter.
Total revenues for the nine-month period was $105.6 million, an increase from $104.1 million in the similar period last year.
TLP is currently trading at $24.65, down $0.57 or 2.26%, on a volume of 34K shares on the NYSE.
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