Buckeye Partners Down 6% on Weak Q1 Results

Buckeye Partners

is trading lower on the session following its Q1 earnings announcement. The company reported an EPS of $0.54, which may not compare to $0.74 estimates and revenues $1.26 billion vs $1.20 billion estimates. Clark C. Smith, President and Chief Executive Officer stated: "The first quarter of 2012 was challenging for Buckeye as the mild winter and softness in demand for refined products, combined with the short-term negative impact of our Energy Services segment exiting its Midwest positions, adversely affected our financial performance." Buckeye Partners is currently trading at $54.01, a loss of $3.51 or 6.10%.