Friday, May 4, 2012
NuStar first quarter profit off 7.9 percent; NuStar GP net up 8.5 percent
SAN ANTONIO, Texas - NuStar Energy LP's (NS) first-quarter profit fell a greater-than-expected 7.9 percent on weak asphalt demand, while NuStar GP Holdings LLC (NSH), which holds a general-partner and limited-partner interest in NuStar Energy, reported 8.5 percent higher earnings.
President and Chief Executive Curt Anastasio said weak asphalt demand and high crude oil costs pressuring the company's asphalt business and San Antonio refinery more than offset improved results from the company's crude-oil trading operations.
NuStar Energy reported a profit of $26.3 million, down from $28.5 million a year earlier.
On a per-unit basis attributable to limited partners, the company earned 23 cents, compared with 30 cents a year ago. Excluding early termination costs, earnings reached 40 cents in the year-earlier quarter.
Revenue increased 41 percent to $1.74 billion.
Analysts polled by Thomson Reuters expected a 29-cent per-share profit on $1.25 billion of revenue.