Buckeye Partners (BPL) Misses Q1 EPS by 11c

Buckeye Partners (NYSE: BPL) reported Q1 EPS of $0.52, $0.11 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $1.028 billion versus the consensus estimate of $1.03 billion.

“Our first quarter results demonstrated the stability of our diversified asset portfolio,” stated Clark C. Smith, Chairman, President and Chief Executive Officer. “Our Domestic Pipelines and Terminals segment benefited from higher average pipeline tariff rates, driven by annual escalations on our systems, and increased pipeline and terminal throughput volumes, after adjusting for the Domestic Asset Package sale. Within our Global Marine Terminals segment, strong performance by our Buckeye Texas Partners facilities, which benefited from annual fee escalations and continued operating efficiencies during the quarter, was partially offset by the continued impact of challenging market conditions in the segregated storage market. Our Buckeye Merchant Services segment continued to generate strong utilization across our portfolio of assets and again achieved a record contribution to our other segments, while favorable spreads more than offset weaker rack margins in this business. Finally, all of our businesses benefited from our operating and administrative teams’ continued focus on managing costs across the organization,” stated Mr. Smith.

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

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