Buckeye Partners Q3 Profit Down - Quick Facts

(RTTNews) - Buckeye Partners, L.P. (BPL), an operator of refined petroleum products pipeline systems, Friday reported a decrease in net income for the third-quarter, inspite of higher revenues that were offset by much higher expenses.

Net income attributable to Buckeye Partners, L.P. was $77.2 million or $0.72 per share, compared with $85.1 million or $0.87 per share last year.

On average, twelve analysts polled by Thomson Reuters expected the company to report earnings per share of $0.83 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues increased to $1.08 billion, from prior year's $965.9 million. Analysts expected the company to generate revenues of $1.10 billion for the quarter. Total costs and expenses were $977.3 million, compared with $852.1 million last year.

Buckeye, further said that its general partner declared a cash distribution of $1.075 per LP Unit for the quarter ended September 30, payable on November 19 to unitholders of record on November 12.