Buckeye Partners L.P. (BPL) reported third-quarter net income attributable to unitholders of $85.1 million, or $0.87 per unit, compared to a net loss of $109.7 million, or a $1.18 loss per unit prior year.
Total revenue decreased to $965.97 million from $1.12 billion last year. Net income attributable to Buckeye Partners, L.P., as adjusted, was $85.12 million or $0.87 per unit. Analysts polled by Thomson Reuters expected the company to report profit of $0.73 per share on revenue of $1.15 billion for the quarter. Analysts' estimates typically exclude special items.
Clark Smith, President and Chief Executive Officer, said: "Improving business conditions and the continued execution of our growth strategy contributed to very strong results for the third quarter of 2012. We benefited from higher volumes and rates for our domestic pipelines and terminals and increased cash flows from our international segment as a result of the 1.1 million barrel expansion at BORCO that became operational July 1st. Additionally, our Perth Amboy marine terminal in the New York Harbor, acquired in late July, contributed positively to third quarter results."
Buckeye also announced that its general partner declared a cash distribution of $1.0375 per limited partner unit for the quarter ended September 30, 2012. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The cash distribution represents a 1.2% increase over the $1.025 per LP unit distribution declared for the third quarter of 2011.
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