Buckeye Partners, L.P. BPL reported first-quarter 2018 earnings of 74 cents per unit, lagging the Zacks Consensus Estimate of 77 cents by 3.9%. Earnings were also lower than the year-ago figure of 88 cents by nearly 15.9%.

Total Revenues

In the quarter under review, Buckeye Partners’ total revenues came in at $1,183.1 million, beating the Zacks Consensus Estimate of $901 million by 31.3%.

Total revenues were up 22.1% year over year, owing to better performance of the Merchant Services and Domestic Pipelines & Terminals segment.

 

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

 

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

 

Operational Highlights

In the quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 5.7% from the prior-year quarter to $261.7 million.

Total costs and expenses were $1,013.6 million, up 27.2% from a year ago. The partnership’s operating income was down 1.8% to $169.5 million.

Financial Screening

As of Mar 31, 2018, Buckeye Partners had cash and cash equivalents of $6.6 million compared with $2.1 million as of Dec 31, 2017.

Long-term debt as of Mar 31, 2018 was $4,587.9 million, lower than $4,658.3 million as of Dec 31, 2017.

Total capital expenditure in the first quarter was $116.9 million, up 18.9% from $98.3 million a year ago.

Other Oil &Gas Pipeline Releases

NuStar Energy L.P.’s NS first-quarter 2018 earnings per limited partner unit of $1.15 missed the Zacks Consensus Estimate of $1.19 by 3.4%.

TC PipeLines, LP TCP reported fourth-quarter 2017 earnings of 77 cents per unit, marginally missing the Zacks Consensus Estimate of 78 cents.

Magellan Midstream Partners L.P’s MMP first-quarter adjusted earnings per unit came in at $1.05, beating the Zacks Consensus Estimate of $1.01 by 3.96%.

Zacks Rank

Buckeye Partners carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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