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Buckeye Partners' (BPL) Q2 Earnings Beat, Revenues Miss

Zacks Equity Research

Buckeye Partners, L.P. BPL reported second-quarter 2019 earnings of 58 cents per unit, beating the Zacks Consensus Estimate of 55 cents by 5.4%. However, the bottom line declined by a penny from the year-ago quarter.

Total Revenues

In the quarter under review, Buckeye Partners’ total revenues came in at $791.7 million, lagging the Zacks Consensus Estimate of $1,007 million by 21.4%.

The top line also declined 15.8% from the year-ago revenues of $940.8 million. 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 and EPS Surprise

Buckeye Partners L.P. price-consensus-eps-surprise-chart | Buckeye Partners L.P. Quote

Highlights of the Release

In the second quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization from continuing operations decreased 15.9% from the prior-year level to $214.3 million.

Total costs and expenses were $654.1 million, down 17.7% from the year-earlier figure of $795.1 million. Operating income in the reported quarter was $137.6 million, down 5.6% from the year-ago period.

Financial Screening

As of Jun 30, 2019, Buckeye Partners had cash and cash equivalents of $6.2 million compared with $1.8 million on Dec 31, 2018.

Long-term debt as of Jun 30, 2019 was $3,730 million, lower than $4,536.7 million on Dec 31, 2018.

Total capital expenditure in the first half of 2019 was $191.2 million, down 23.5% from $250 million invested in the year-ago period.

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

ONEOK Inc. OKE reported second-quarter 2019 operating earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 7.1%.

Magellan Midstream Partners, L.P. MMP reported second-quarter 2019 adjusted earnings of $1.20 per unit, beating the Zacks Consensus Estimate of $1.07 by 12.1%.

Enterprise Products Partners L.P. EPD reported second-quarter 2019 adjusted earnings per limited partner unit of 55 cents, which beat the Zacks Consensus Estimate of 52 cents.

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