Enbridge Energy Partners (EEP) Misses Q4 EPS by 11c
Enbridge Energy Partners (NYSE: EEP) reported Q4 EPS of $0.11, $0.11 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.41 billion.
2016 Guidance: The Partnership expects 2016 total liquids pipeline deliveries to increase 10 to 15 percent over 2015 and to be between 3.12 and 3.37 million barrels per day. Adjusted EBITDA for 2016 is expected to be approximately $1.8-$1.9 billion and DCF to be approximately $860-$920 million. Distribution coverage, which is expected to be lower in 2016 largely due to increased interest costs, is expected to be 0.80-0.90 times. Cash coverage is expected to be 0.95-1.05 times. The Partnership expects reduced capital expenditures in 2016, to be at approximately $900 million, and does not expect to access the equity market.
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