Genesis Energy Q3 Profit Falls, Revenue Up - Quick Facts

(RTTNews) - Genesis Energy LP (GEL) Friday said third-quarter net income dropped to $18.47 million or $0.22 per unit from $31.19 million or $$0.39 per unit in the previous year.

The firm attributed the drop to the prior year reversal of a provision for uncertain tax positions of $8.2 million combined with a $2.7 million increase in interest expense and an increase in current quarter expenses related to growth transactions of $3.1 million.

The latest results included non-cash income tax expense of $0.4 million compared to a non-cash income tax benefit of $8.7 million last year.

On average, 11 analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues improved to $1.26 billion from $1.04 billion in the prior year. Wall Street expected revenues of $1.27 billion for the quarter.

Further, the company said that on November 14, it would pay a total quarterly distribution of $46.3 million attributable to financial and operational results for the third quarter, based on its quarterly declared distribution of $0.5225 per unit.