TransMontaigne Partners (TLP) Tops Q2 EPS by 3c, Slight Miss on Revenues

TransMontaigne Partners (NYSE: TLP) reported Q2 EPS of $0.70, $0.03 better than the analyst estimate of $0.67. Revenue for the quarter came in at $45.4 million versus the consensus estimate of $45.64 million.

An overview of our financial performance for the quarter ended June 30, 2017 compared to the quarter ended June 30, 2016, includes:

• Operating income for the quarter ended June 30, 2017 was $17.3 million compared to $12.9 million for the quarter ended June 30, 2016. Changes in the primary components of operating income are as follows:
  • Revenue increased approximately $4.3 million to $45.4 million due to increases in revenue at the Gulf Coast, Midwest and Southeast terminals of approximately $2.4 million, $0.2 million and $4.4 million, respectively, partially offset by a decrease in revenue at the Brownsville and River terminals of approximately $1.1 million and $1.7 million, respectively.
  • Direct operating costs and expenses decreased approximately $1.7 million to $16.0 million due to decreases in the Midwest, Brownsville and River terminals of approximately $0.2 million, $0.9 million and $0.7 million, respectively, partially offset by an increase at the Southeast terminals of approximately $0.1 million. Direct operating costs and expenses for the Gulf Coast terminals were consistent.
  • General and administrative expenses increased approximately $0.6 million to $4.1 million.
  • Depreciation and amortization expenses increased approximately $0.7 million to $8.8 million.
• Net earnings were $14.5 million for the quarter ended June 30, 2017 compared to $10.3 million for the quarter ended June 30, 2016. The increase was principally due to the changes in quarterly operating income discussed above.
• Quarterly net earnings per limited partner unit was $0.70 per unit for the quarter ended June 30, 2017 compared to $0.50 per unit for the quarter ended June 30, 2016.
• Consolidated EBITDA for the quarter ended June 30, 2017 was $28.8 million compared to $23.1 million for the quarter ended June 30, 2016.
• Distributable cash flow for the quarter ended June 30, 2017 was $24.5 million compared to $18.1 million for the quarter ended June 30, 2016.
  • The distribution declared per limited partner unit was $0.74 per unit for the quarter ended June 30, 2017 compared to $0.69 per unit for the quarter ended June 30, 2016.
  • We paid aggregate distributions of $15.1 million for the quarter ended June 30, 2017, resulting in a quarterly distribution coverage ratio of 1.62x.

For earnings history and earnings-related data on TransMontaigne Partners (TLP) click here.

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