Buckeye Partners, L.P. (BPL), an operator of refined petroleum products pipeline systems, Friday reported an increase in net income for the first quarter, reflecting higher revenues.
For the quarter, the firm reported net income of $89.3 million or $0.86 per share, compared with $52.0 million or $0.54 per share during the same period last year.
On average, eleven analysts polled by Thomson Reuters expected earnings per share of $0.71 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues generated for the quarter were $1.34 billion compared with $1.25 billion reported during the corresponding quarter last year. The Street expected the firm to record revenues of $1.29 billion for the quarter.
Buckeye's Adjusted EBITDA for the first quarter was $159 million compared with $115 million for the first quarter of 2012.
Further, the company announced that its general partner declared a cash distribution of $1.05 per limited partner or LP unit for the quarter ended March 31. This cash distribution represents a 1.2 percent increase over the $1.0375 per LP unit distribution declared for the first quarter of 2012. The dividend will be paid on May 31 to shareholders of record on May 16.
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