Northern Tier Energy LP Q1 Profit Declines - Quick Facts

(RTTNews) - Northern Tier Energy LP (NTI) reported first-quarter net income of $71.5 million compared to $119.4 million for the same period in 2013. Net earnings per unit was $0.77, compared to $1.30. Adjusted net income for the first quarter of 2014 was $85.2 million, compared to $125.1 million for the first quarter of 2013. The company said this decrease was primarily driven by a 37% decrease in the Group 3 benchmark 3-2-1 crack spread from the first quarter of 2013 to the first quarter of 2014.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per unit of $0.73 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $1.35 billion from $1.11 billion. Analysts expected revenue of $1.28 billion for the quarter.

Effective May 6, 2014, the board of Northern Tier Energy's general partner declared a quarterly distribution of $0.77 per unit, to be paid in cash on May 30, 2014, to common unit holders of record at the close of business on May 19, 2014.