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Buckeye Partners (BPL) Q4 Earnings & Revenues Beat Estimates

Zacks Equity Research

Buckeye Partners, L.P. BPL 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

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

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 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 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 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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