Sunoco Logistics Partners L.P., the Philadelphia pipeline company, on Tuesday announced a two-for-one unit split after releasing first quarter earnings results that were slightly above analysts' expectations.
The company said it earned net income of $107 million, or 66 cents per unit, compared with 2013 first-quarter income of $140 million, or $1.09 per unit. Revenue was $4.5 billion. The earnings were 4 cents above the consensus estimate, according to Seeking Alpha.
The unit split will be effective on June 12, for units held on June 5.
- Andrew Maykuth