Sunoco LP Q3 Profit Up - Quick Facts

(RTTNews) - Sunoco LP (SUN) reported that its third-quarter of 2015 net income attributable to partners was $27.5 million or $0.30 per unit, compared to $1.0 million or $0.04 per unit in the third quarter of last year.

Pro forma Adjusted EBITDA attributable to partners totaled $148.7 million, compared with Adjusted EBITDA attributable to partners of $14.0 million in the third quarter of 2014. Third quarter pro forma Adjusted EBITDA attributable to partners excludes July pre-acquisition earnings for Susser Holdings Corporation and transaction-related expenses.

Distributable cash flow attributable to partners, as adjusted, was $112.4 million, compared to $12.2 million a year earlier, and distributable cash flow per common unit was $1.77. The favorable year-over-year comparisons primarily reflect the contributions from the dropdown acquisitions of Susser Holdings Corporation in July 2015, a 31.58 percent interest in the wholesale fuel distribution business of Sunoco, LLC in April 2015 and the MACS convenience stores in October 2014 from SUN's affiliate, Energy Transfer Partners, L.P. (ETP), along with the purchase of Aloha Petroleum in December 2014 and the Aziz Quick Stop stores in August.

Revenue was $4.5 billion, up 243.9 percent compared to $1.3 billion in the third quarter of 2014. The increase was the result of the contribution of merchandise and retail fuel sales from the Susser, MACS and Aloha convenience stores, the wholesale fuel distribution sales from MACS, Aloha Petroleum and SUN's interest in Sunoco, LLC on a consolidated basis and higher rental income.

On November 3, the Board of Directors of SUN's general partner declared a distribution for the third quarter of 2015 of $0.7454 per unit, which corresponds to $2.9816 per unit on an annualized basis. This represents a 7.5 percent increase compared to the distribution for the second quarter of 2015 and an approximate 37 percent increase compared with the third quarter of 2014.