Antero Midstream Corporation (NYSE: AM) reported Q1 EPS of $0.22, $0.02 better than the analyst estimate of $0.20.

• Net income was $83 million, or $0.17 per share, compared to an $0.81 per share net loss in the prior year quarter
• Adjusted Net Income was $101 million, or $0.21 per share, compared to $0.23 per share in the prior year quarter (non-GAAP measure)
• Adjusted EBITDA was $219 million, a 1% increase compared to the prior year quarter (non-GAAP measure)
• Capital expenditures were $30 million, a 64% decrease compared to the prior year quarter
• Net cash provided by operating activities was $166 million, a 13% increase compared to the prior year quarter
• Free Cash Flow before dividends was $146 million, a 51% increase compared to the prior year quarter (non-GAAP measure)
• Free Cash Flow after dividends was $39 million, compared to a $50 million deficit in the prior year quarter (non-GAAP measure)
• Net Debt at quarter end was $3.1 billion and Net Debt to last twelve months Adjusted EBITDA was 3.7x, both consistent with December 31, 2020 (non-GAAP measure)

Paul Rady, Chairman and CEO said, "Antero Midstream delivered another strong operational quarter focused on cost reductions and capital discipline. This allowed us to generate $146 million of Free Cash Flow before dividends and for the second time in company history, generate Free Cash Flow after dividends. We believe this capital discipline and the ability to internally finance both our capital budget and return of capital to shareholders will serve Antero Midstream well going forward."

Mr. Rady further added, "Antero Midstream\'s primary customer, Antero Resources, made significant strides in improving its financial strength, generating over $400 million of Free Cash Flow during the first quarter. As a result of Antero Resources\' Free Cash Flow profile, Antero Resources\' leverage has significantly improved to 2.0x as of March 31, 2021. This improvement in financial strength at Antero Resources directly benefits Antero Midstream."

For earnings history and earnings-related data on Antero Midstream Corporation (AM) click here.