CNX Midstream Partners LP (CNXM) Misses Q1 EPS by 2c, Revenues Beat

CNX Midstream Partners LP (NYSE: CNXM) reported Q1 EPS of $0.47, $0.02 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $72.22 million versus the consensus estimate of $68.55 million.

• Net Income of $35.1 million as compared to $27.8 million
• Adjusted EBITDA(2) of $54.4 million as compared to $34.8 million
• Distributable cash flow (DCF)(2) of $43.0 million as compared to $29.2 million
• Cash distribution coverage(2) of 1.49x on an as-declared basis

"CNXM continued to deliver strong results for the first quarter," commented Nicholas J. DeIuliis, CEO of CNX Midstream GP LLC (the "General Partner"). "As compared to the first quarter of 2018, Adjusted EBITDA and distributable cash flow were up by 56% and 47%, respectively. CNXM's focus on operational execution is driving strong financial performance, which supports our plan to continue 15% annual distribution growth through 2023 without drop-down transactions or need to access the equity capital markets."

"The Partnership expects its 2019 capital expenditures to increase to approximately $310-$330 million, compared to the previous guidance of $250-$280 million," continued Mr. DeIuliis. "The expected increase in midstream capital is due the construction of our planned Buckland compressor station and its related discharge lines and interconnect facilities. Buckland Station is a critical component of the system overhaul we described at our 2018 Analyst and Investor Meeting and is supported by CNX's (the "Sponsor") contractual well obligations per the gas gathering agreement. CNX\'s additional activity, and corresponding increase in volumes and revenues in early 2020, provides the financial justification for building this station in 2019, which was the Partnership\'s original plan, and further supports our planned distribution growth through 2023."

For earnings history and earnings-related data on CNX Midstream Partners LP (CNXM) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c