SemGroup (SEMG) Misses Q1 EPS by 35c, Revenues Miss; Affirms FY19 Adj. EBITDA Outlook

SemGroup (NYSE: SEMG) reported Q1 EPS of ($0.37), $0.35 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $567.23 million versus the consensus estimate of $592.66 million.

• Higher First Quarter Segment Profit Driven by U.S. Liquids and Canadian Segments
• Strategic Transactions Driving Debt Reduction Initiatives
• Affirming 2019 Consolidated Adjusted EBITDA Guidance Range of Between $420 Million and $465 Million
• Continued Progress on Gulf Coast and Canadian Projects to Drive Incremental Earnings in 2020

“Our first quarter results reflect the solid performance of our core U.S. Liquids and Canadian businesses, partially offset by expected volume reduction in our U.S. Gas business,” said SemGroup President and Chief Executive Officer Carlin Conner.

“We continued to make progress toward improving our balance sheet and completed a strategic objective to expand our Canadian footprint with the closing of the SemCAMS Midstream joint venture and the acquisition of the strategically located Patterson Creek assets. As a result of this transaction and the Maurepas Pipeline joint venture in the prior quarter, we have substantially reduced our total leverage over the past two quarters.”

Conner added, “In the remaining three quarters of 2019 we expect ramping volumes and increasing earnings from recently commissioned assets. In addition, we are focused on completing existing projects across our footprint that will deliver incremental earnings beyond 2019.”

“We will continue to optimize our base business and remain disciplined in how we deploy capital across our core operating areas.”

For earnings history and earnings-related data on SemGroup (SEMG) click here.

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