Buckeye Partners, L.P. (NYSE:BPL) reported third-quarter 2018 earnings of 57 cents per unit, lagging the Zacks Consensus Estimate for earnings of 68 cents by 16.2%. Moreover, the bottom line was also down on year over year by 29.6%.
Total Revenues
In the quarter under review, Buckeye Partners’ total revenues came in at $909.6 million, missing the Zacks Consensus Estimate of $920 million by 1.1%.
Moreover, the top line slipped 1.4% year over year due to lower revenues from transportation, storage and other services.
Buckeye Partners L.P. Price, Consensus and EPS Surprise
Operational Highlights
In the third quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 8.5% from the prior-year quarter’s level to $253.7 million.
Total costs and expenses were $1,301.4 million, up 72.5% from the year-earlier number. The firm’s reported operating loss of $391.8 million came in against the operating income of $168.3 million in the year-ago quarter.
Financial Screening
As of Sep 30, 2018, Buckeye Partners had cash and cash equivalents of $0.7 million compared with $2.2 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $4,985.2 million, higher than $4,658.3 million as of Dec 31, 2017.
Total capital expenditure in the third quarter was $107 million, up 6.2% from $100.7 million a year ago.
Zacks Rank
Buckeye Partners carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Northern Oil and Gas, Inc. (NYSE:NOG) is expected to report third-quarter 2018 earnings on Nov 8. It has an Earnings ESP of +2.61% and a Zacks Rank #2 (Buy).
Penn Virginia Corporation (NASDAQ:PVAC) has an Earnings ESP of +6.38% and is a Zacks #2 Ranked stock. It is slated to report third-quarter 2018 earnings on Nov 14.
Summit Midstream Partners, LP (NYSE:SMLP) has an Earnings ESP of +64.00% and a Zacks Rank #1. It is scheduled to report third-quarter 2018 earnings on Nov 8.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Summit Midstream Partners, LP (SMLP): Free Stock Analysis Report
Buckeye Partners L.P. (BPL): Free Stock Analysis Report
Northern Oil and Gas, Inc. (NOG): Free Stock Analysis Report
Penn Virginia Corporation (PVAC): Free Stock Analysis Report
Original post
Zacks Investment Research