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Buckeye Partners (BPL) Q4 Earnings & Revenues Beat Estimates

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Buckeye Partners, L.P. (BPL - Free Report) reported fourth-quarter 2018 earnings of 90 cents per unit, beating the Zacks Consensus Estimate of 69 cents by 30.24%. Moreover, the bottom line improved 5.9% year over year.

Total Revenues

In the quarter under review, Buckeye Partners’ total revenues came in at $1,074.8 million, beating the Zacks Consensus Estimate of $720 million by 49.3%.

The top line also surpassed the year-ago revenues of $946.1 million by 13.6%. The improvement was primarily due to strong contribution from its Merchant Services segment.

Buckeye Partners L.P. Price, Consensus and EPS Surprise

Operational Highlights

In the fourth quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 19% from the prior-year level to $234.7 million.

Total costs and expenses were $581.1 million, down 24.8% from the year-earlier figure of $772.4 million. Operating income in the reported quarter was $493.7 million, up a whopping 184.2% from the year-ago period.

Financial Screening

As of Dec 31, 2018, Buckeye Partners had cash and cash equivalents of $1.8 million compared with $2.2 million in the corresponding period of 2017.

Long-term debt as of Dec 31, 2018 was $4,536.7 million, lower than $4,658.3 million on Dec 31, 2017.

Total capital expenditure in the fourth quarter was $110.6 million, down 14.7% from $129.7 million a year ago.

Zacks Rank

Buckeye Partners currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2018 adjusted earnings of 80 cents per unit, beating the Zacks Consensus Estimate of 69 cents by 15.9%.

Enterprise Products Partners L.P. (EPD - Free Report) delivered fourth-quarter 2018 adjusted earnings per limited partner unit of 59 cents, which beat the Zacks Consensus Estimate of 50 cents.

Magellan Midstream Partners, L.P. (MMP - Free Report) delivered fourth-quarter 2018 adjusted earnings per limited partner unit of $1.03, lagging the Zacks Consensus Estimate of $1.16 by 11.2%.

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