Buckeye Partners, L.P. (BPL) has reported 56.31 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $156.37 million, or $1.19 a share in the quarter, compared with $100.04 million, or $0.78 a share for the same period last year.

Revenue during the quarter grew 5.25 percent to $766.60 million from $728.38 million in the previous year period. Gross margin for the quarter expanded 767 basis points over the previous year period to 57.38 percent. Total expenses were 73.10 percent of quarterly revenues, down from 80.29 percent for the same period last year. This has led to an improvement of 719 basis points in operating margin to 26.90 percent.

Operating income for the quarter was $206.23 million, compared with $143.56 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $271.65 million compared with $204.16 million in the prior year period. At the same time, adjusted EBITDA margin improved 741 basis points in the quarter to 35.44 percent from 28.03 percent in the last year period.

"Our strong third quarter results demonstrate the strength of Buckeye's diversified portfolio of fee-based assets," said Clark C. Smith, chairman, president and chief executive officer. "The results were driven by solid contributions across all three of our business segments. The Global Marine Terminals segment reflects a full quarter of operations at our Buckeye Texas Partners facility in Corpus Christi, Texas, along with additional storage capacity in service and improved rates at our Caribbean and New York hubs."