Petroleum pipeline operator Teppco Partners LP said Thursday third-quarter profit grew 16 percent, due in part to increased transportation demand for diesel fuel and gasoline, as well as continued volume growth.
The company reported income of $47.6 million, or 44 cents per unit, compared with $41.1 million, or 39 cents per unit, in the year-ago period.
Earnings before interest, taxes, depreciation and amortization -- less gains on asset sales -- rose 13 percent to $114.4 million from $101.6 million in the same period last year.
Revenue for the quarter rose slightly to $2.58 billion from $2.57 billion in the third quarter of 2006.
Analysts polled by Thomson Financial, on average, estimated earnings of 45 cents per share on revenue of $2.42 billion.
The company attributed the positive growth to increased transportation demand for diesel fuel and gasoline to the Midwest and continued volume growth at its Jonah Gas Gathering system.
Additionally, most of Teppco's business segments reported revenue gains. The increase in revenue was offset by a modest increase in costs and expenses.
Shares rose 40 cents to $40.65 in midday trading.
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