Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Buckeye Partners' (BPL) Q2 Earnings Beat, Revenues Miss

Published 08/02/2019, 08:40 AM
Updated 07/09/2023, 06:31 AM

Buckeye Partners, L.P. (NYSE:BPL) reported second-quarter 2019 earnings of 58 cents per unit, beating the Zacks Consensus Estimate of 55 cents by 5.4%. However, the bottom line declined by a penny from the year-ago quarter.

Total Revenues

In the quarter under review, Buckeye Partners’ total revenues came in at $791.7 million, lagging the Zacks Consensus Estimate of $1,007 million by 21.4%.

The top line also declined 15.8% from the year-ago revenues of $940.8 million. The decline was due to lower contribution from all its reportable segments.

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

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

Buckeye Partners L.P. price-consensus-eps-surprise-chart | Buckeye Partners L.P. Quote

Highlights of the Release

In the second quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization from continuing operations decreased 15.9% from the prior-year level to $214.3 million.

Total costs and expenses were $654.1 million, down 17.7% from the year-earlier figure of $795.1 million. Operating income in the reported quarter was $137.6 million, down 5.6% from the year-ago period.

Financial Screening

As of Jun 30, 2019, Buckeye Partners had cash and cash equivalents of $6.2 million compared with $1.8 million on Dec 31, 2018.

Long-term debt as of Jun 30, 2019 was $3,730 million, lower than $4,536.7 million on Dec 31, 2018.

Total capital expenditure in the first half of 2019 was $191.2 million, down 23.5% from $250 million invested in the year-ago period.

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

ONEOK Inc. (NYSE:OKE) reported second-quarter 2019 operating earnings of 75 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 7.1%.

Magellan Midstream Partners, L.P. (NYSE:MMP) reported second-quarter 2019 adjusted earnings of $1.20 per unit, beating the Zacks Consensus Estimate of $1.07 by 12.1%.

Enterprise Products Partners L.P. (NYSE:EPD) reported second-quarter 2019 adjusted earnings per limited partner unit of 55 cents, which beat the Zacks Consensus Estimate of 52 cents.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>



ONEOK, Inc. (OKE): Free Stock Analysis Report

Magellan Midstream Partners, L.P. (MMP): Free Stock Analysis Report

Enterprise Products Partners L.P. (EPD): Free Stock Analysis Report

Buckeye Partners L.P. (BPL): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.