BlueKnight Energy Partners (BKEP) Misses Q3 EPS by 5c

BlueKnight Energy Partners (NASDAQ: BKEP) reported Q3 EPS of ($0.09), $0.05 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $133.16 million versus the consensus estimate of $97.6 million.

“The business delivered this quarter. Asphalt volumes and throughput were significantly higher after a slow start to the year due to heavy rains in the spring. Our crude oil business continues to outperform versus the same period last year, led by our Cushing crude oil storage business,” said Mark Hurley, Chief Executive Officer. “We continue to make significant progress in delivering on our 2019 strategic priorities and targets for the year. Adjusted EBITDA for the first nine months of 2019 is approximately $50 million, tracking in line with our 2019 target of mid-$60 million range, and our financial profile continues to strengthen with leverage at 4.24 times and coverage above 1.2 times for the first nine months of the year.

“Despite minimizing our growth capital expenditures in 2019 to improve our balance sheet, our business has found ways to grow through optimizing our assets and capturing efficiencies throughout our business. After adjusting for transaction costs, I am pleased to report we have reduced corporate overhead costs by approximately 20% year-over-year. We’re very focused on building on this momentum through the remainder of the year and better positioning the company both strategically and operationally for growth in 2020,” added Hurley.

For earnings history and earnings-related data on BlueKnight Energy Partners (BKEP) click here.

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Gemini Space Station, Inc. (GEMI) Misses Q2 EPS by 32c
• Birchtech Corp. (BCHT) Misses Q2 EPS by 7c