NuStar Energy L.P. (NS) Misses Q4 EPS by 7c, Revenues Beat

NuStar Energy L.P. (NYSE: NS) reported Q4 EPS of $0.09, $0.07 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $509.31 million versus the consensus estimate of $470.18 million.

• Full-Year 2018 Net Income Increases 39%; Full-Year 2018 Adjusted Net Income up 15%
• Full-Year 2018 Adjusted EBITDA up 12% and at High End of Guidance Range
• Full-Year 2018 Distributable Cash Flow Available to Common Limited Partners Increases 37%
• Much Improved Full-Year 2018 Distribution Coverage Ratio of 1.42 Times and Debt Coverage Ratio of 4.05 Times

“Our 2018 unadjusted net income, earnings per unit (EPU) and earnings before interest, taxes, depreciation and amortization (EBITDA) all include a $79 million gain from the hurricane insurance proceeds in the first quarter of 2018 for the cost of repairing property damage at our St. Eustatius terminal, and a non-cash charge of $43 million from the sale of our European operations in the fourth quarter,” said Tom Shoaf, NuStar Energy L.P.’s Executive Vice President and Chief Financial Officer.

“Further, our unadjusted EPU for the full year 2018 include a non-cash charge of $377 million in the third quarter related to the recent completion of the simplification transaction for the merger of NuStar GP Holdings, LLC and NuStar Energy,” said Shoaf.

“Without adjusting for those non-operational items, NuStar generated net income of $2 million for the fourth quarter of 2018 and $206 million for the year ended December 31, 2018,” said Shoaf. “NuStar’s unadjusted EBITDA was $122 million for the fourth quarter of 2018 and $701 million for the year ended December 31, 2018, and NuStar’s EPU was ($0.31) and ($2.77) for the fourth quarter and year ended December 31, 2018, respectively.

For earnings history and earnings-related data on NuStar Energy L.P. (NS) click here.

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