Cypress Energy Partners (CELP) Reports In-Line Q4 EPS

Cypress Energy Partners (NYSE: CELP) reported Q4 EPS of $0.19, in-line with the analyst estimate of $0.19. Revenue for the quarter came in at $70.4 million versus the consensus estimate of $80.87 million.

• Revenue of $70.4 million for the three months ended December 31, 2016 compared with $81.8 million for the three months ended September 30, 2016, representing a 13.9% decrease. For the same period a year ago, revenue was $89.8 million.
• Gross margin of $10.4 million or 14.8% for the three months ended December 31, 2016, compared to $9.9 million or 12.1% for the three months ended September 30, 2016 representing a 5.1% increase. Fourth quarter gross margins benefited from various changes in customer contracts compared with the third quarter. Gross margin was $11.5 million or 12.8% in the same period a year ago.
• Net income of $1.8 million for the three months ended December 31, 2016, compared to $2.0 million for the three months ended September 30, 2016. Net income was $1.0 million for the three months ended December 31, 2015 (which included a $1.1 million impairment).
• Net income attributable to CELP limited partners of $2.4 million for the three months ended December 31, 2016, compared to $3.3 million for the three months ended September 30, 2016. Net income attributable to CELP limited partners was $1.2 million (inclusive of a $1.1 million impairment charge) for the same period of 2015.
• Adjusted EBITDA of $6.9 million for the three months ended December 31, 2016 (including non-controlling interests and amounts attributable to our general partner) compared to $6.6 million for the three months ended September 30, 2016 (including non-controlling interests and amounts attributable to our general partner) representing an increase of 4.5%. Adjusted EBITDA was $6.1 million for the same period of 2015 (including non-controlling interests and amounts attributable to our general partner).
• Adjusted EBITDA attributable to limited partners of $6.7 million for the three months ended December 31, 2016, compared to $6.8 million for the three months ended September 30, 2016 representing a decrease of 1.5%. Adjusted EBITDA attributable to limited partners was $5.6 million for the same period of 2015.
• Distributable Cash Flow available to limited partners of $5.1 million for the three months ended December 31, 2016 was identical to the three months ended September 30, 2016. Distributable Cash Flow was $3.7 million for the same period of 2015.
• A common unit coverage ratio of 2.09x and a coverage ratio of 1.05x compared to the September 30, 2016 common unit coverage ratio of 2.11x and coverage ratio of 1.06x.
• A leverage ratio of approximately 3.41x compared to a 4.0x covenant limit and an interest coverage ratio of 3.78x compared to a 3.0x covenant requirement on December 31, 2016 pursuant to the terms of our credit facilities.

For earnings history and earnings-related data on Cypress Energy Partners (CELP) click here.

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