Earnings
Plains All American Profit Soars On 1-time Items
The Associated Press
05/06/09 - 06:50 PM EDT
HOUSTON (AP) Plains All American Pipeline LP, which transports and stores crude oil and other petroleum products, said its first-quarter profit doubled as it benefitted from gains on foreign currency and several one-time items, despite lower revenue.
The company earned $211 million, or $1.41 per unit, compared with $92 milion, or 56 cents per unit a year ago.
Adjusted to exclude one-time items including foreign currency and derivative gains, profit was $162 million, or $1.02 per unit, compared with $103 million, or 65 cents per share.
Revenue sank to $3.3 billion, from $7.2 billion a year ago.
Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, expected a profit of 83 cents per unit on sales of $5.5 billion.
The stock closed up 76 cents at $41.70.