Northern Tier Energy (NYSE: NTI) is reporting a sharp fall in its bottom line. The company released its Q2 results, which reveal that it took in revenue of $1.13 billion, a decline from the $1.16 billion of the same period last year. Net profit saw a steeper fall, to $63.9 million, or $0.70 per diluted share, from Q2 2012's $245.6 million.
In the press release announcing the figures, the firm attributed the drop to a 32% decrease in refinery throughput. This was due to "planned turnaround activities" that resulted in a plant shutdown during part of the quarter.
Northern Tier Energy accordingly cut its quarterly distribution, declaring a $0.68-per-unit disbursement. This will be paid on August 29 to holders of record as of August 22. That amount is nearly 45% lower than the company's previous payout of $1.23 per unit, which was dispensed in late May.
