Tesoro Logistics LP (TLLP) has reported an 8.24 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $92 million, or $0.51 a share in the quarter, compared with $85 million, or $0.64 a share for the same period last year. Revenue during the quarter surged 40 percent to $420 million from $300 million in the previous year period. Total expenses were 64.29 percent of quarterly revenues, up from 60.33 percent for the same period last year. That has resulted in a contraction of 395 basis points in operating margin to 35.71 percent.
Operating income for the quarter was $150 million, compared with $119 million in the previous year period.
“We are pleased with our performance for the quarter, which included contributions from the strategic acquisitions of the Northern California Terminalling and Storage Assets and the North Dakota Gathering and Processing Assets, as well as organic growth contributions in our crude oil gathering and terminalling businesses," said Greg Goff, chairman and chief executive officer of TLLP's general partner. "Despite harsher than normal winter weather, we had record crude oil gathering, terminalling and pipeline throughput during the quarter, which led to strong operating income and EBITDA performance. With stable market conditions and an improving commodity price environment, we are on track to delivering approximately $550 million of annual net earnings and approximately $1 billion of annual EBITDA in 2017."
Operating cash flow improves significantly T
esoro Logistics LP has generated cash of $207 million from operating activities during the quarter, up 32.69 percent or $51 million, when compared with the last year period. The company has spent $721 million cash to meet investing activities during the quarter as against cash outgo of $92 million in the last year period.
The company has spent $139 million cash to carry out financing activities during the quarter as against cash outgo of $76 million in the last year period.
Cash and cash equivalents stood at stood at $35 million as at Mar. 31, 2017.
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