Plains All American: 3Q Earnings Snapshot
HOUSTON (AP) _ Plains All American Pipeline L.P. (PAA) on Tuesday reported third-quarter net income of $710 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had profit of 87 cents. Earnings, adjusted for non-recurring gains, were 43 cents per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The oil and gas transportation and storage company posted revenue of $8.79 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $8.23 billion.
Plains All American shares have risen 15 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.74, an increase of 14 percent in the last 12 months.