NuStar Energy gives stronger 3Q earnings outlook

Pipeline operator and asphalt refiner NuStar Energy LP said Friday it expects third-quarter earnings to exceed Wall Street targets because of strong asphalt margins.

The company said it should earn at least $2.25 per share in the third quarter of 2008. Analysts surveyed by Thomson Reuters, on average, expect third-quarter earnings of $1.55 per share.

"Third quarter earnings are shaping up to be outstanding as we continue to benefit from a strong asphalt market," Curt Anastasio, chief executive and president of both NuStar companies, said in a statement.

Shares of NuStar Energy LP were up $2.15, or 4.6 percent, to $49.25 in morning trading.

Also on Friday, NuStar GP Holdings LLC, which owns general partner and limited partner interests in NuStar Energy, said it expects to earn at least 65 cents per share for the third quarter of 2008. Analysts surveyed by Thomson Reuters are looking for 56 cents per share.

NuStar GP Holdings shares rose $1.73, or 8.6 percent, to $21.90.