Equitrans Midstream (ETRN) Misses Q2 EPS by 15c, Revenues Miss; Raises FY20 Estimated Adj. EBITDA & Cash Flow Guidance

Equitrans Midstream (NYSE: ETRN) reported Q2 EPS of $0.22, $0.15 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $344 million versus the consensus estimate of $352.44 million.

Q2 2020 Highlights:

• Generated $344 million of net cash provided by operating activities
• Achieved $155 million of free cash flow and $88 million of retained free cash flow
• Recorded 72% of total operating revenue from firm reservation fees
• Raised full-year 2020 estimated adjusted EBITDA and cash flow guidance

“This quarter begins to show the benefits of our recent transformative actions and the financial discipline necessary to operate in these uncertain times," said Thomas F. Karam, ETRN chairman and chief executive officer. "First, we executed the last component of our corporate simplification plan with the closing of the EQM merger. And second, we successfully raised $1.6 billion of senior notes, ensuring ample liquidity to support our capital investment plan. Our financial policy is designed to control our capital in order to de-lever quickly and generate substantial free cash flow."

“We are very pleased with the recent legal and regulatory progress made on MVP and look forward to getting shovels back in the ground on this important project," added Diana M. Charletta, ETRN president and chief operating officer. "MVP plays a critical role in meeting the growing demand for reliable, affordable, and clean-burning natural gas in the mid-Atlantic and southeastern United States. We appreciate the oversight of the various state and federal agencies that have helped guide our construction activities and expect to complete the roughly 8% remaining total project work by early 2021."

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

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