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.
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-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.
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.
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.
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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