NuStar Energy Swings To Profit In Q3, Matches Estimates - Quick Facts

(RTTNews) - NuStar Energy L.P. (NS) Tuesday said it reversed to profit in the third-quarter from the loss last year, notwithstanding a decline in revenue. The results, which matched Street consensus, reflected absence of special items that were included last year.

Net income applicable to limited partners was $21.9 million or $0.28 per unit, compared with net loss of $6.5 million or $0.09 per unit last year. The last year results included $21.6 million or $0.29 per unit of non-cash losses on sale of voting interest in asphalt operations to an affiliate. Excluding these items and other adjustments, third quarter 2012 net income applicable to limited partners would have been $14.1 million, or $0.19 per unit.

On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.28the quarter. Analysts' estimates typically exclude one-time items.

Earnings before interest, taxes, depreciation and amortization or EBITDA from continuing operations was $109.5 million compared with $76.5 million a year ago. Third quarter distributable cash flow from continuing operations available to limited partners was $67.2 million or $0.86 per unit, compared with $63 million, or $0.87 per unit last year.

Revenues for the period, declined to $780 million, from prior year's $1.59 billion. Analysts expected the company to generate revenues of $944.91 million for the quarter. Total costs and expenses were $714.1 million, compared with $1.53 billion last year.