Susser Petroleum Partners LP (SUSP) reported first-quarter net income of $8.2 million, or $0.38 per unit. In the first quarter of prior year, Predecessor reported net income of $1.67 million.
Total revenue for the quarter was $1.08 billion. Pro forma revenue in the first quarter of prior year was $1.07 billion. The increase was driven by a 4.4% increase in gallons sold, partially offset by a decline in selling price per gallon, the company said. Gross profit for the quarter totaled $15.6 million, a 15.2% increase compared to pro forma gross profit of $13.5 million in the first quarter of 2012.
On average, eight analysts polled by Thomson Reuters expected the company to report profit of $0.41 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.08 billion for the quarter.
SUSP's management reaffirmed previously issued guidance for 2013. SUSP also announced that the board of directors of its general partner has approved its quarterly distribution for the first quarter of 2013 of $0.4375 per unit.
For comments and feedback: editorial@rttnews.com