Equitrans Midstream (ETRN) Misses Q3 EPS by 70c, Revenues Miss

Equitrans Midstream (NYSE: ETRN) reported Q3 EPS of ($0.26), $0.70 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $408.43 million versus the consensus estimate of $417.39 million.

Q3 2019 Highlights:

• Generated 94% of transmission operating revenue from firm reservation fees
• Generated 52% of gathering operating revenue from firm reservation fees
• Delivered third quarter adjusted EBITDA at high end of Q3 guidance
• Achieved record gathered volume of 8.2 BBtu per day

"Almost one year ago, ETRN emerged as an independent midstream company with strong fundamentals and today, we remain committed to becoming the premier infrastructure services provider in North America," said Thomas F. Karam, chairman and chief executive officer. "With support from our Boards of Directors, our employees have worked hard to deliver several milestone accomplishments - from structure simplification and elimination of the incentive distribution rights, to the closing of the Eureka/Hornet asset acquisition, to the standing up of new company policies, programs, and procedures - all while executing on our in-flight projects. We have come a long way in a very short time and look forward to an even brighter future."

"The third quarter results continue to demonstrate our focused approach to operating in a low commodity price environment," said Diana M. Charletta, president and chief operating officer. "Our main priority is to execute on our large growth projects, which are key to serving the growing demand in the mid-Atlantic and Southeast regions of the United States. Once placed in-service, these assets will provide meaningful firm EBITDA contributions to our business and will open up additional expansion opportunities to further meet the growing demand."

For earnings history and earnings-related data on Equitrans Midstream (ETRN) click here.

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