Tallgrass Energy Partners (TEP) Q1 Revenue Falls Short

Tallgrass Energy Partners (NYSE: TEP) reported Q1 net income of $5.07 million. Revenue for the quarter came in at $60.3 million versus the consensus estimate of $66.82 million.

2013 Outlook and Guidance

The Partnership expects Adjusted EBITDA for the year ending December 31, 2013 to be in the range of $71 – 75 million, maintenance capital expenditures of $8 – 9 million and interest expense of $7 – 8 million. This would result in coverage of approximately 1.2x. “While we have seen weaker NGL prices in the second quarter as compared to the first quarter, overall processing volumes have increased slightly in the second quarter. We remain confident that both of our segments will perform well during 2013, particularly in light of the completion of the Processing expansion projects and related increases in volumes expected throughout the second half of 2013,” Dehaemers said.

For earnings history and earnings-related data on Tallgrass Energy Partners (TEP) click here.

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