PHILLIPS 66 PARTNERS LP (PSXP) has reported 86.54 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $97 million, or $0.60 a share in the quarter, compared with $52 million, or $0.44 a share for the same period last year. Revenue during the quarter grew 14.71 percent to $234 million from $204 million in the previous year period. Total expenses were 58.55 percent of quarterly revenues, up from 53.92 percent for the same period last year. That has resulted in a contraction of 463 basis points in operating margin to 41.45 percent.
Operating income for the quarter was $97 million, compared with $94 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $155 million compared with $74 million in the prior year period. At the same time, adjusted EBITDA margin improved 2996 basis points in the quarter to 66.24 percent from 36.27 percent in the last year period.
"We had solid results in the quarter, which enabled us to increase our distribution per unit by 5 percent while maintaining a strong coverage ratio," said Greg Garland, Phillips 66 Partners chairman and chief executive officer. “We continue to successfully execute our organic growth projects. These projects help us remain on track to achieve $1.1 billion of run-rate EBITDA and a 30 percent five-year distribution CAGR by the end of 2018."
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