Enable Midstream Partners (ENBL) Misses Q3 EPS by 55c, Revenues Miss

Enable Midstream Partners (NYSE: ENBL) reported Q3 EPS of ($0.40), $0.55 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $596 million versus the consensus estimate of $716.54 million.

• On track to achieve the capital and cost reductions announced earlier this year
• All wells that were shut-in due to depressed commodity prices have been brought back online
• Recontracted approximately 190,000 dekatherms per day (Dth/d) of transportation capacity during the quarter, bringing total transportation recontracting for 2020 to nearly 1,450,000 Dth/d
• Recently received the Federal Energy Regulatory Commission’s (FERC) Environmental Assessment for the Gulf Run Pipeline, a key milestone for the project
• Released Enable’s inaugural sustainability report, highlighting the partnership’s commitment to transparency and sustainable business practices
• Declared a quarterly cash distribution of $0.16525 per unit on all outstanding common units and $0.625 on all outstanding Series A Preferred Units

MANAGEMENT PERSPECTIVE

“We continue to focus on what we can control, optimizing our capital deployment, providing safe and reliable operations and implementing cost reductions while directing excess cash flow to reducing debt,” said Rod Sailor, president and CEO. “I am very proud of our employees for providing a high level of service during these challenging times.

“In addition, we continue to deliver on other important initiatives such as our recently released inaugural sustainability report. Sustainable business practices are deeply embedded across our business, and this report provides our stakeholders with a transparent view of our progress and initiatives.”

2020 OUTLOOK

As compared to the 2020 outlook presented in its first quarter 2020 financial results press release dated May 6, 2020, Enable anticipates performing below the projected range for net income attributable to common units due to the non-cash impairment of equity method affiliates in third quarter 2020 and in the upper half of the projected ranges for Adjusted EBITDA and DCF. Excluding the third quarter 2020 non-cash impairment of equity method affiliates, Enable would have anticipated performing in the upper half of the first quarter’s anticipated range for net income attributable to common units.

For earnings history and earnings-related data on Enable Midstream Partners (ENBL) click here.

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