HOUSTON (AP) _ Plains All American Pipeline L.P. (PAA) on Tuesday reported third-quarter profit of $449 million.
On a per-share basis, the Houston-based company said it had profit of 55 cents. Earnings, adjusted for non-recurring gains, were 52 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The oil and gas transportation and storage company posted revenue of $7.89 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $7.88 billion.
Plains All American shares have fallen almost 6% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.87, a fall of 19% in the last 12 months.