Buckeye Partners L.P. (BPL) reported fourth-quarter net income to company of $34.96 million or $0.35 per unit including an impairment charge. Excluding the non-cash impairment charge of $60.0 million related to the ceasing of operations of a portion of Buckeye's NORCO pipeline system in January 2013, net income attributable to unitholders was $94.9 million, or $0.96 per unit. Net income attributable to unitholders for the fourth quarter of prior year was $59.7 million, or $0.64 per unit.
Total revenue decreased to $1.15 billion from $1.31 billion last year. Analysts expected revenue of $1.27 billion for the quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.80 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.27 billion for the quarter.
Buckeye also announced that its general partner declared a cash distribution of $1.0375 per limited partner unit for the quarter ended December 31, 2012.
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