Buckeye Partners, L.P. (BPL - Free Report) reported second-quarter 2017 earnings of 80 cents per unit, lagging the Zacks Consensus Estimate of $1.00 by 20%. Moreover, it was lower than the year-ago figure of $1.07 by 25.2%.
In the quarter under review, Buckeye Partners’ total revenue came in at $810.2 million, missing the Zacks Consensus Estimate of $874 million by 7.3%.
Total revenues were up 4.3% year over year owing to better performance of the Domestic Pipelines & Terminals and Merchant Services segments in second-quarter 2017.
In the second quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations increased 4.9% year over year to $269.2 million.
Total costs and expenses were $639.6 million, up 8.9%. The partnership’s operating income was down 10.2% to nearly $170.6 million from $189.9 million a year ago.
Interest and debt expenses increased 18% to $56.4 million.
As of Jun 30, 2017, Buckeye Partners had cash and cash equivalents of $2.4 million compared with $640.3 million as of Dec 31, 2016.
Long-term debt as of Jun 30, 2017 was $4,579.9 million, higher than $4,217.7 million as of Dec 31, 2016.
Total capital expenditure in second-quarter 2017 was $104.8 million, down 12.5% from $111.8 million a year ago.
Cash Distribution Update
The partnership announced third-quarter 2017 cash distribution of $1.2625 per limited partner unit, up 4.1% from the prior-year payout of $1.2125 per limited partner unit. The revised distribution will be paid on Aug 21, 2017, to unit holders of record as of Aug 14.
Buckeye Partners L.P. Price, Consensus and EPS Surprise
Spectra Energy Partners, LP (SEP - Free Report) second-quarter 2017 earnings of 84 cents per share outpaced the Zacks Consensus Estimate of 79 cents per share by 6.33%.
Enable Midstream Partners, LP (ENBL - Free Report) second-quarter 2017 earnings of 20 cents per share outpaced the Zacks Consensus Estimate of 16 cents per share by 25%.
Summit Midstream Partners, LP (SMLP - Free Report) second-quarter 2017 earnings of 12 cents per share outpaced the Zacks Consensus Estimate loss of 24 cents per share by 150%.
Buckeye Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>