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25 June, 2024 20:48 IST
Buckeye Partners L.P. first-quarter earnings decline by 5.75 percent on a YOY basis
Source: IRIS | 31 May, 2017, 06.01PM

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Buckeye Partners L.P. (BPL) has reported 5.75 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $123.58 million, or $0.88 a share in the quarter, compared with $131.11 million, or $1.01 a share for the same period last year.      

Revenue during the quarter grew 24.17 percent to $969.27 million from $780.59 million in the previous year period. Gross margin for the quarter contracted 932 basis points over the previous year period to 43.46 percent. Total expenses were 82.25 percent of quarterly revenues, up from 76.91 percent for the same period last year. That has resulted in a contraction of 534 basis points in operating margin to 17.75 percent.

Operating income for the quarter was $172.03 million, compared with $180.21 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $277.51 million compared with $244.63 million in the prior year period. At the same time, adjusted EBITDA margin contracted 271 basis points in the quarter to 28.63 percent from 31.34 percent in the last year period.

"We are pleased to announce another quarter of improved financial results,” said Clark C. Smith, chairman, president and chief executive officer. "Our Global Marine Terminals segment reported a contribution for the first time from our recent acquisition of a 50% equity interest in VTTI that closed early in the first quarter of 2017, which drove our year-over-year improvement in performance. This segments legacy assets continued to benefit from high utilization but were adversely impacted early in the quarter by operational issues experienced at our South Texas facility. Our Domestic Pipelines & Terminals segment saw strong contributions from growth capital investments that drove higher pipeline transportation and storage revenues during the period. Our Buckeye Merchant Services business continues to benefit from effective supply chain management efforts, driving solid results that were partially offset by compressed rack margins as a result of warmer-than-expected weather conditions during the quarter."

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