Genesis Energy (GEL) Reports Q1 Loss of $0.07, Beats on Revenues

Genesis Energy (NYSE: GEL) reported Q1 EPS of ($0.07), versus $0.32 reported last year. Revenue for the quarter came in at $725.81 million versus the consensus estimate of $710.05 million.

• Net Income Attributable to Genesis Energy, L.P. of $8.0 million for the first quarter of 2018 compared to $27.1 million for the same period in 2017.
• Cash Flows from Operating Activities of $86.3 million for the first quarter of 2018 compared to $61.0 million for the same period in 2017, an increase of $25.3 million, or 41%, principally due to an increase in cash flows from operations reflecting a full quarter of our Alkali business, the ramp up from our recent strategic investments, and a decrease in components of working capital.
• Available Cash before Reserves of $101.6 million for the first quarter of 2018 compared to $92.0 million for the same period in 2017, an increase of $9.6 million, or 10%. Available Cash before Reserves provided 1.6X coverage for the quarterly distribution of $0.52 per common unit attributable to the first quarter. We will pay distributions on our convertible preferred units in the form of 500,976 additional convertible preferred units.
• Adjusted EBITDA of $162.2 million for the first quarter of 2018 compared to $131.4 million for the same period in 2016, an increase of $30.8 million, or 23.4%. Our bank leverage ratio, calculated consistent with our credit agreement, is 5.45X as of March 31, 2018. These amounts are calculated and further discussed later in this press release.

For earnings history and earnings-related data on Genesis Energy (GEL) click here.

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