Holly Energy Partners, L.P. (HEP) Misses Q4 EPS by 11c

Holly Energy Partners, L.P. (NYSE: HEP) reported Q4 EPS of $0.40, $0.11 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $112.5 million versus the consensus estimate of $106.16 million.

Commenting on the fourth quarter of 2016, George Damiris, Chief Executive Officer, stated, “We are pleased with our solid financial performance in the fourth quarter. Our strong and stable cash generation allowed us to accelerate our year over year distribution growth and progress towards our 8% distribution growth target as we maintained our record of continuous quarterly distribution increases. Effective as of October 1, 2016, we successfully completed our acquisition of an atmospheric distillation tower, a fluid catalytic cracking unit, and a polymerization unit located at the HollyFrontier Woods Cross refinery, and these units were accretive to distributable cash flow in the quarter. We will continue to leverage our relationship with HollyFrontier and our Mid-Continent, Northwest and Southwest logistics footprint to generate new organic and external growth opportunities.

"Looking forward, we believe HEP is positioned to continue its growth based on the quality and location of our assets, our talented employee base, and our strong and supportive general partner, HollyFrontier."

For earnings history and earnings-related data on Holly Energy Partners, L.P. (HEP) click here.

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