Buckeye Partners, L.P. (BPL - Free Report) reported second-quarter 2018 earnings of 59 cents per unit, lagging the Zacks Consensus Estimate of 69 cents by 14.5%. The bottom line was also lower than the year-ago figure of 80 cents by nearly 26.3%.
In the quarter under review, Buckeye Partners’ total revenues came in at $940.8 million, beating the Zacks Consensus Estimate of $802 million by 17.3%.
Moreover, the top line was up 16.1% year over year owing to better performance of the Merchant Services segment.
Buckeye Partners L.P. Price, Consensus and EPS Surprise
In the second quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 5.3% from the prior-year quarter’s level to $254.9 million.
Total costs and expenses were $795.1 million, up 24.3% from the year-earlier number. The partnership’s operating income was down 14.7% to $145.7 million.
As of Jun 30, 2018, Buckeye Partners had cash and cash equivalents of $1.7 million compared with $2.1 million as of Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $4,877.9 million, higher than $4,658.3 million as of Dec 31, 2017.
Total capital expenditure in the second quarter was $133.1 million, up 27.1% from $104.7 million a year ago.
Buckeye Partners carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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