Plains All American: 2Q Earnings Snapshot
HOUSTON (AP) _ Plains All American Pipeline L.P. (PAA) on Tuesday reported second-quarter net income of $446 million.
On a per-share basis, the Houston-based company said it had profit of 54 cents. Earnings, adjusted for non-recurring costs, came to 67 cents per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The oil and gas transportation and storage company posted revenue of $8.25 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $8.23 billion.
Plains All American shares have risen 10% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.14, a decline of 14% in the last 12 months.