The 10-second takeaway
For the quarter ended June 30 (Q2), Buckeye Partners whiffed on revenue and whiffed on earnings per share.
Compared to the prior-year quarter, revenue contracted and GAAP earnings per share shrank significantly.
Gross margins improved, operating margins grew, and net margins dropped.
Buckeye Partners chalked up revenue of $982.6 million. The five analysts polled by S&P Capital IQ anticipated revenue of $1.17 billion on the same basis. GAAP reported sales were 8.8% lower than the prior-year quarter's $1.08 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.55. The 12 earnings estimates compiled by S&P Capital IQ averaged $0.66 per share. GAAP EPS of $0.55 for Q2 were 45% lower than the prior-year quarter's $1.00 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 13.6%, 130 basis points better than the prior-year quarter. Operating margin was 8.3%, 30 basis points better than the prior-year quarter. Net margin was 5.5%, 300 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $1.21 billion. On the bottom line, the average EPS estimate is $0.74.
Next year's average estimate for revenue is $4.71 billion. The average EPS estimate is $2.78.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 232 members out of 248 rating the stock outperform, and 16 members rating it underperform. Among 86 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 83 give Buckeye Partners a green thumbs-up, and three give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Buckeye Partners is hold, with an average price target of $61.27.
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