Crestwood Equity Partners (CEQP) Misses Q1 EPS by 67c, Beat on Revenues

Crestwood Equity Partners (NYSE: CEQP) reported Q1 EPS of ($0.62), $0.67 worse than the analyst estimate of $0.05. May not be comparable. Revenue for the quarter came in at $828.1 million versus the consensus estimate of $762 million.

First Quarter 2017 Highlights1

• First quarter 2017 net loss of $19.4 million, compared to a net loss of $93.7 million in first quarter 2016; Net loss for the first quarter 2017 included $37.3 million of expense related to the early redemption of Senior Notes; Net loss for the first quarter 2016 included $109.7 million of non-cash charges for goodwill impairments
• First quarter 2017 Adjusted EBITDA of $90.9 million, compared to $120.0 million in the first quarter 2016; Adjusted EBITDA for the first quarter 2017 reflects the deconsolidation of Stagecoach Gas Services compared to the first quarter 2016 which included 100% contribution
• First quarter 2017 distributable cash flow of $59.4 million, compared to $78.8 million in first quarter 2016. The first quarter 2017 coverage ratio was approximately 1.4x
• First quarter 2017 O&M and G&A expenses, net of non-cash unit based compensation, were reduced by $7.5 million, or 12% from first quarter 2016
• Declared first quarter 2017 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, to be paid on May 15, 2017 to unitholders of record as of May 8, 2017
• Completed a $500 million 5.75% unsecured Senior Note offering due 2025 and retired all outstanding 6.00% Senior Notes due 2020 and 6.125% Senior Notes due 2022; Extends debt maturity schedule and saves approximately $6 million of annual interest expense

For earnings history and earnings-related data on Crestwood Equity Partners (CEQP) click here.

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