Sunoco (SUN) Reports 1Q Revenues Miss; Provides FY20 Cap. Ex. Guidance
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Revenue Growth %: -7.1%
Financial Fact:
Cost of products sold and operating expenses: 10.9B
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Sunoco (NYSE: SUN) reported Q1 EPS of ($1.78), $2.52 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $3.27 billion versus the consensus estimate of $3.76 billion.
"Our employees have been working on the front lines to continue to serve our country, communities and customers," said Joe Kim, CEO of Sunoco LP. "Our best wishes go out to those affected by COVID-19 and I would like to personally thank our employees and fuel distribution partners for their dedication during this unprecedented time. We have built a resilient business model to withstand various headwinds. We started the year on solid footing and delivered strong first quarter results even with the onset of the pandemic in March. We will continue to take proactive steps to manage through the crisis and ensure a stable, long-term future for Sunoco."
2020 Business Outlook
The Partnership revised its 2020 capital guidance by reducing full year growth capital expenditures to approximately $75 million and maintenance capital expenditures to $30 million. SUN also began efforts in the second quarter to reduce total operating expenses(2) by $55 to $70 million over the remainder of the year. SUN lowered 2020 full year operating expense guidance to a range of $460 to $475 million. The combination of unprecedented declines in fuel demand and a volatile commodity price environment will affect the Partnership's outlook for full year 2020 fuel volumes and margins. As a result, SUN is withdrawing its previous guidance on 2020 fuel volume, margin and adjusted EBITDA.
For earnings history and earnings-related data on Sunoco (SUN) click here.
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