Northern Tier Energy Q2 Net Falls; Distribution Sliced
Northern Tier Energy is reporting a sharp fall in its bottom line. The company released its Q2 results, which reveal that it took in revenue of $1.13 billion, a decline from the $1.16 billion of the same period last year. Net profit saw a steeper fall, to $63.9 million, or $0.70 per diluted share, from Q2 2012's $245.6 million.
In the press release announcing the figures, the firm attributed the drop to a 32% decrease in refinery throughput. This was due to "planned turnaround activities" that resulted in a plant shutdown during part of the quarter.
Northern Tier Energy accordingly cut its quarterly distribution, declaring a $0.68-per-unit disbursement. This will be paid on August 29 to holders of record as of August 22. That amount is nearly 45% lower than the company's previous payout of $1.23 per unit, which was dispensed in late May.
The article Northern Tier Energy Q2 Net Falls; Distribution Sliced originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Northern Tier Energy, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.