Genesis Energy (GEL) Misses Q3 EPS by 12c, Revenues Miss

Genesis Energy (NYSE: GEL) reported Q3 EPS of ($0.01), $0.12 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $621.7 million versus the consensus estimate of $727.75 million.

We generated the following financial results for the third quarter of 2019:

• Net Income Attributable to Genesis Energy, L.P. of $17.6 million for the third quarter of 2019 compared to Net Loss Attributable to Genesis Energy, L.P. of $0.3 million for the same period in 2018.
• Cash Flows from Operating Activities of $136.1 million for the third quarter of 2019 compared to $156.7 million for the same period in 2018.
• Total Segment Margin in the third quarter of 2019 of $175.8 million.
• Available Cash before Reserves to common unitholders of $82.5 million for the third quarter of 2019, which provided 1.22X coverage for the quarterly distribution of $0.55 per common unit attributable to the third quarter.
• We declared cash distributions on our preferred units of $0.7374 for each preferred unit, which equates to a cash distribution of approximately $18.7 million and is reflected as a reduction to Available Cash before Reserves to common unitholders.
• Adjusted EBITDA of $162.8 million in the third quarter of 2019. Our bank leverage ratio, calculated consistent with our credit agreement, is 4.91X as of September 30, 2019 and is discussed further in this release.

For earnings history and earnings-related data on Genesis Energy (GEL) click here.

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