BlueKnight Energy Partners (BKEP) Reports Q2 Miss on Revenues
BlueKnight Energy Partners (NASDAQ: BKEP) reported Q2 Revenue for the quarter came in at $43.88 million versus the consensus estimate of $45.74 million.
Summary:
- Second quarter 2017 net income of $6.4 million on total revenues of $43.9 million, compared to a net loss of $18.9 million on total revenues of $43.4 million for the same period in 2016.
- Operating income of $6.5 million for the three months ended June 30, 2017, compared to an operating loss of $15.3 million for the same period in 2016.
- Net loss and operating income for the three months ended June 30, 2016, were impacted by an impairment expense of $22.6 million, primarily related to the cancellation of the Knight Warrior East Texas Eaglebine/Woodbine crude oil pipeline project.
- Adjusted earnings before interest, taxes, depreciation, amortization (“Adjusted EBITDA”) was $19.2 million for the three months ended June 30, 2017, as compared to $16.2 million for the same period in 2016, an increase of 18.5%.
- Distributable cash flow was $12.7 million for the three months ended June 30, 2017, as compared to $9.2 million for the same period in 2016, an increase of 38.0%. Distributable cash flow for the three months ended June 30, 2016, was impacted by $0.3 million of fees related to the Ergon transactions. Adjusted EBITDA and distributable cash flow, including a reconciliation of such measures to net income, are explained in the section of this release entitled “Non-GAAP Financial Measures.”
- Second quarter 2017 distribution coverage ratio was 1.03.
For earnings history and earnings-related data on BlueKnight Energy Partners (BKEP) click here.