BlueKnight Energy Partners (BKEP) Misses Q2 EPS by 5c

BlueKnight Energy Partners (NASDAQ: BKEP) reported Q2 EPS of ($0.07), $0.05 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $94.08 million versus the consensus estimate of $74.7 million.

• Net income of $1.4 million, operating income of $4.0 million and Adjusted EBITDA of $16.1 million
• 2020 guidance maintained with distributable cash flow up 37% year-over-year and coverage and leverage ratios improving to 1.35 times and 4.19 times, respectively
• Asphalt terminalling volumes and earnings continue to outpace last year
• Crude oil terminalling generated $4.1 million of operating income, excluding depreciation and amortization, increasing 24% versus prior year led by higher margin storage contracts
• New seven-year Asphalt agreement executed at more favorable terms, extending Blueknight's total weighted average remaining contract term for take-or-pay revenue from four to six years
• For earnings history and earnings-related data on BlueKnight Energy Partners (BKEP) click here.

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