UPDATE: Summit Midstream Partners (SMLP) Reports Q2 EPS Miss, Revenues Beat

Summit Midstream Partners (NYSE: SMLP) reported Q2 EPS of ($0.79), $0.97 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $128.18 million versus the consensus estimate of $107.4 million.

Steve Newby, President and Chief Executive Officer, commented, "SMLP reported strong financial and operating results for the second quarter of 2018, with adjusted EBITDA growth over the first quarter of 2018 of 4.5%. Compared to the prior year period, second quarter 2018 results were primarily driven by nearly 30% growth in liquids volumes across our Williston gathering systems, reflecting increased levels of drilling activity in the Williston over the last four quarters.

We are reaffirming our 2018 financial guidance, including adjusted EBITDA guidance of $285.0 million to $300.0 million and capex guidance of $175.0 million to $225.0 million. We expect to generate distribution coverage for the full year in excess of 1.00x. We have good visibility over the near-term with volume growth expected on our Williston, Utica, DJ and Barnett assets in the second half of 2018, and particularly as we approach the fourth quarter of the year.

Looking towards 2019, we continue to have a very positive outlook for our business, primarily driven by customer activity currently occurring and expected to occur on our Summit Utica, Ohio Gathering, Williston and DJ systems, together with contributions from our Delaware associated natural gas gathering and processing system and liquids gathering systems."

For earnings history and earnings-related data on Summit Midstream Partners (SMLP) click here.

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