BlueKnight Energy Partners (BKEP) Tops Q1 EPS by 13c

BlueKnight Energy Partners (NASDAQ: BKEP) reported Q1 EPS of $0.00, $0.13 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $93.73 million versus the consensus estimate of $95.9 million.

“The overall business had a good start to the year, supporting our 2020 guidance communicated last quarter. Our largest operating segment, asphalt terminalling, had 17% higher throughput volumes over the prior year with a significant portion of that activity occurring in the month of March. While volumes do not have a significant revenue impact this early in the year due to contracted minimum throughput guarantees, the higher volumes underline the demand strength for infrastructure and road construction as many states plan to increase activity due to lower traffic and more favorable asphalt pricing as a result of coronavirus impacts to the market. Our second largest operating segment, crude oil terminalling, is experiencing a significant increase in demand, and I’m proud to say our storage is more than fully subscribed with the help of our team optimizing our system to maximize available capacity for contract at attractive pricing,” said Mark Hurley, Chief Executive Officer.

“Crude oil transportation performed well with volumes increasing during the quarter; however, we continue to see a more challenging upstream environment ahead and are taking actions to best manage the business. In that regard, we continue to show further corporate expense improvements with costs 4% lower year-over-year and we’re tracking well to capture additional efficiencies throughout this year.

“Finally, although these are trying times for the U.S. economy and many businesses, especially within the energy sector, we continue to see the market environment this year as our opportunity to showcase the strength of our assets and uniquely positioned terminalling platform. Consistent with that message, we believe our business remains on solid footing from our advantaged market position and therefore did not require any support from the federal government loan assistance program. It is also our steadfast commitment to always act in the very best interest for all our employees, stakeholders, and importantly, the communities in which we operate and touch, and do our part to ensure those funds go to business owners truly needing that protection during these uncertain times,” added Hurley.

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

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