LONDON (Thomson Financial) - TEPPCO Partners L.P. reported first quarter net
income of $64.1 million, or 57 cents per unit, topping the mean expectation of
53 cents from analysts polled by Thomson Reuters.
Net income for the same quarter a year previous was $138.2 million, or $1.29
per unit.
Total operating revenues for the first quarter of 2008 were $2.8 billion, up
from $1.98 billion during the previous year and beating analyst expectations of
$2.52 billion.
TEPPCO chief executive officer and president Jerry E. Thompson described
cash flow generation during the quarter as "strong", adding that he sees
opportunities to further expand the company's marine transportation business.
During the second quarter TEPPCO acquired four additional 30,000-barrel tank
barges and took delivery of one of the two under-construction inland tow boats
acquired as part of the purchase of Horizon Maritime.
tf.TFN-Europe_newsdesk@thomsonreuters.com
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