Crestwood Equity Partners (CEQP) Misses Q3 EPS by 63c, Beats on Revenues

Crestwood Equity Partners (NYSE: CEQP) reported Q3 EPS of ($0.72), $0.63 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $955.6 million versus the consensus estimate of $868.49 million.

Third Quarter 2017 Highlights1

• Third quarter 2017 net loss of $27.9 million, compared to net income of $3.0 million in third quarter 2016
• Third quarter 2017 Adjusted EBITDA of $96.3 million, compared to $103.5 million in the third quarter 2016
• Third quarter 2017 distributable cash flow of $50.3 million; The third quarter 2017 coverage ratio was approximately 1.2x (the third quarter 2017 represents the first quarter of cash distribution payments to the Class A preferred units)
• Bakken Bear Den Pipeline completed in third quarter and Phase 1 processing plant in-service expected in November 2017
• Completed Willow Lake Processing Plant expansion in September 2017 and achieved record volumes in October 2017; Closed Shell Midstream joint venture and commenced Phase 2 expansion of Delaware Basin Nautilus gas gathering system
• Declared third quarter 2017 cash distribution of $0.60 per common unit, or $2.40 per common unit on an annualized basis, to be paid on November 14, 2017 to unitholders of record as of November 7, 2017
  • Record G&P volumes in selected basins across Crestwood’s portfolio: total oil, gas and water gathering volumes up 58%, 10% and 38%, respectively, compared to third quarter 2016 volumes
  • Solid progress on core growth strategy in Delaware Basin and Bakken
  • On-track to achieve increased FY 2017 Guidance
  • US Salt divestiture positions Crestwood to execute 2017 and 2018 capital expansion programs without accessing the equity capital markets

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15
• Movano (MOVE) Misses Q2 EPS by 195c