Shell Midstream Partners (SHLX) Tops Q4 EPS by 1c, Beats on Revenues

Shell Midstream Partners (NYSE: SHLX) reported Q4 EPS of $0.35, $0.01 better than the analyst estimate of $0.34. Revenue for the quarter came in at $126.8 million versus the consensus estimate of $91.2 million.

FINANCIAL HIGHLIGHTS

• Net income attributable to the partnership was $86.4 million, compared to $72.6 million for the prior quarter, primarily driven by the acquisition completed in December 2017.
• Cash available for distribution was $97.0 million, compared to $83.9 million for the prior quarter, representing a 15.6% increase quarter on quarter.
• Total cash distributions declared were $83.1 million resulting in a 1.2x coverage ratio.
• Adjusted EBITDA attributable to the partnership was $118.7 million compared to $92.2 million for the prior quarter, representing an increase of 28.5% above the third quarter.
• As of December 31, 2017, the partnership had $137.7 million of consolidated cash and cash equivalents on hand and $1.8 billion of total debt outstanding.
• A new $1 billion long-term debt facility was put in place effective December 1, 2017. Our weighted average interest rate for 2017 was 2.7%.
• Following the end of the quarter, the partnership raised approximately $980 million gross proceeds in common equity, including a $300 million private sale of common units to Shell. The partnership used the funds to pay down outstanding debt under its credit facilities and for general partnership purposes. Future growth in 2018 will be funded with cash on hand and debt.

For earnings history and earnings-related data on Shell Midstream Partners (SHLX) click here.

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