MLP Phillips 66 Partners Profit And Revenue Falls Short Of Estimates

Phillips 66 Partners LP said Friday it had net earnings of $83.1 million, or 57 cents per unit, in the third quarter. The master limited partnership did not provide a year-earlier comparison, but said it earned $73.2 million, or 51 cents per unit, in the second quarter. Revenue rose to $144.3 million from $140.4 million. The FactSet consensus was for earnings of 60 cents per unit and revenue of $147 million. In the quarter, the company formed the STACK joint venture, increased its ownership in the Explorer Pipeline and progressed the eastern leg of Bayou Bridge Pipeline, said Greg Garland, Phillips 66 Partners chief executive in a statement. "Additionally, the October acquisition of crude, product and NGL logistics assets from Phillips 66 increased our run-rate EBITDA to approximately $580 million," he said. "We remain on track to achieve $1.1 billion of run-rate EBITDA by the end of 2018." Shares were not yet active in premarket trade, but are down 23% in the year to date, while the S&P 500 has gained 4%.

Copyright © 2016 MarketWatch, Inc.