Sunoco Profit Tops Estimates

(RTTNews) - Sunoco LP (SUN), a distributor of motor fuel, on Wednesday reported fourth-quarter net earnings of $30 million or $0.83 per unit compared with $9.5 million or $0.43 per unit last year.

Results for the quarter included $5.7 million, or $0.17 per unit, in charges related to the merger with Energy Transfer Partners L.P. and other acquisition activity.

The partnership's revenues for the quarter were up 20% at $1.34 billion compared with $1.11 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.59 per unit on revenues of $1.70 billion for the quarter. Analysts' estimates typically exclude special items.

Sunoco said revenue growth was mainly by the contribution of $39.3 million of merchandise sales from the MACS and Aloha convenience stores acquired during the quarter, along with a 46 percent increase in gallons sold, partly offset by the impact of a 55-cent-per-gallon drop in the average selling price per gallon of fuel.

Sunoco LP primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. It also operates more than 150 convenience stores and retail fuel sites.