PHILADELPHIA - Sunoco Logistics Partners LP on July 21 said its net income increased 18 percent in the second quarter from a year ago, beating analysts’ estimates.
The Philadelphia-based partnership’s revenue also beat estimates, but was down 61 percent because of a drop in the prices of the oil and the oil products it transports and stores in its pipelines, terminals and storage facilities.
Sunoco Logistics (NYSE: SXL) also increased its distribution to $1.04 per unit for the quarter. That’s up 2.5 percent from its distribution in the first quarter and 11.2 percent from the second quarter a year ago.
The partnership earned $66.6 million, or $1.74 per fully diluted unit, in the quarter, up from $51.3 million, or $1.47 per fully diluted unit, in the second quarter of last year. The average earnings estimate of eight analysts polled by Thomson Reuters First Call was $1.35.
Sunoco Logistics’ revenue in the quarter was $1.29 billion, down from $3.32 billion in the second quarter of last year. The average revenue estimate of six analysts polled by Thomson Reuters FirstCall was $1.25 billion.
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