Buckeye Partners (BPL) Reports Q1 EPS of $0.59, Revenues Beat

Buckeye Partners (NYSE: BPL) reported Q1 EPS of $0.59, versus $0.74 reported last year. Revenue for the quarter came in at $940.84 million versus the consensus estimate of $817.71 million.

“Buckeye’s second quarter results demonstrate the ability of our diversified business segments to achieve solid financial results, while navigating fluctuating commodity markets and continued challenging market conditions,” said Clark C. Smith, Chairman, President and Chief Executive Officer of Buckeye. “Higher volumes from strong demand on our Midwest systems drove an increase in pipeline transportation revenues in our Domestic Pipelines & Terminals segment. Improved refined products prices led to higher settlement and butane blending revenues, which were partially offset by the previously discussed expiration of a crude-by-rail contract at our Chicago Complex in the first quarter. Strong operating performance and the acquisition of the remaining 20% minority interest drove improved contributions from Buckeye Texas Partners in the Global Marine Terminals segment. In addition, a strong contribution from our investment in VTTI B.V. helped to partially offset the continued impact of challenging market conditions in the segregated storage market, which drove lower utilization and rates in this segment. Our Buckeye Merchant Services segment continued to drive increased utilization across our portfolio of assets while its reported results were negatively impacted during the quarter by weaker market conditions.”

For earnings history and earnings-related data on Buckeye Partners (BPL) click here.

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