May 6, 2011
Buckeye Partners (NYSE:BPL) reported Q1 EPS of $0.79, in line with consensus estimates. Revenues for the quarter rose 71.3% year-over-year to $1.25 billion, ahead of consensus estimates of $860.0 million.
The company announced that its general partner declared a cash dividend of $1.00 per limited partner unit for the quarter ended March 31, 2011.
Forrest E. Wylie, Chairman and CEO stated, "Buckeye's overall operating results for the first quarter of 2011 were strong,. Adjusted EBITDA, our primary measure of performance, increased by 36.6 percent year over year. Although the primary driver of the increase is attributable to recent acquisitions, we saw a 7.9 percent year over year increase in the Adjusted EBITDA of our Pipelines & Terminals segment, which largely represents organic growth."
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