Buckeye Partners, L.P. BPL reported first-quarter 2019 earnings of 52 cents per unit, lagging the Zacks Consensus Estimate of 59 cents by 11.9%. The bottom line also declined 29.7% year over year.
In the quarter under review, Buckeye Partners’ total revenues came in at $1,028.9 million, beating the Zacks Consensus Estimate of $1,005 million by 2.4%.
However, the top line lagged the year-ago revenues of $1,183.1 million by 13.1%. The decline was due to lower contribution from all its reportable segments.
Buckeye Partners L.P. Price, Consensus and EPS Surprise
Buckeye Partners L.P. price-consensus-eps-surprise-chart | Buckeye Partners L.P. Quote
Highlights of the Release
Today, Buckeye Partners announced a definitive agreement, under which the IFM Global Infrastructure Fund will acquire all of the outstanding public common units of the firm for $41.50 per common unit.
In the first quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 17.3% from the prior-year level to $216.4 million.
Total costs and expenses were $894.5 million, down 11.8% from the year-earlier figure of $1,013.6 million. Operating income in the reported quarter was $134.2 million, down 20.8% from the year-ago period.
As of Mar 31, 2019, Buckeye Partners had cash and cash equivalents of $1.5 million compared with $1.8 million on Dec 31, 2018.
Long-term debt as of Mar 31, 2019 was $3,683 million, lower than $4,536.7 million on Dec 31, 2018.
Total capital expenditure in the first quarter was $103.4 million, down 11.5% from $116.9 million invested in the year-ago period.
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.
Plains All American Pipeline, L.P. PAA reported first-quarter 2019 adjusted earnings of 69 cents per unit, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
Enterprise Products Partners L.P. EPD reported first-quarter 2019 adjusted earnings per limited partner unit of 57 cents, which beat the Zacks Consensus Estimate of 47 cents.
ONEOK Inc. OKE reported first-quarter 2019 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 73 cents by 10.96%.
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