Wednesday, Genesis Energy L.P. (GEL) reported a profit for the second quarter compared with a loss last year, reflecting the continuing integration of the Davison businesses it acquired in the third quarter of 2007.
The diversified midstream energy supplier posted second-quarter net income of $7.3 million or $0.17 per unit, compared with a loss of $1.4 million or $0.09 per unit in the prior-year quarter.
Second-quarter revenues increased to $640.54 million from $201.01 million reported in the corresponding quarter last year.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.05 per share on revenues of $475.62 million for the quarter.
For the six-month period, the company's net income registered a sharp increase to $8.97 million or $0.21 per share, from $0.21 million or $0.02 per share, in the same period last year. Revenues for the period rose to $1.13 billion, from $0.38 billion in the last year.
The company also noted that it had completed the acquisition of the inland marine transportation business of Grifco Transportation, Ltd., in July through a 49% owned joint venture with certain members of the Davison family, and closed a $75 million credit facility at the joint venture level in an otherwise challenging market for new bank credits.
The company stock is currently trading up 2.17% at $18.80 on the Amex.
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