Net Income: $345.2 million vs $237.1 million Year ago, up 45.6%
EBITDA: $646.5 million vs $475.5 million year ago. up 36.0%
Adjusted EBITDA: $362.3 million vs $319.0 million year ago, up 13.6%
Maintenance Cap Ex: $111.9 million vs $88.3 million year ago, up 26.8%
Distributable Cash Flow: $152.1 million vs $139.5 million year ago, up 9.0%
Distribution to Unit Holders: $170.2 million vs $144.6 million year ago, up 17.7%
Shortfall of DCF to Distribution: $18.0 million vs $5.1 million year ago, -10.6% vs -3.5%
In my view, all the numbers looked fine with the exception that Maintenance Cap Ex was
up vs year ago by $23.6 million and this limited the Distributable Cash Flow by that amount
vs year ago.
All the details are on Linn Energy website. Conference call will add more perspective on
QII results an the outlook (which is also on Linn Energy website at the Supplement to
QII earnings statement.
Also, as pointed out elsewhere, today is ex-dividend date and this will account for a
price drip of about $.24.
I don't think their numbers were bad except for the coverage ratio which pretty much met WS expectations. I think the problem today will be that given the coverage ratio, the sustainability of the dividend will remain an issue. Not an issue for me but lets see how the CC goes.
Aside from DCF, the numbers were a huge beat in the quarterly - dig deeper into filing and it will also show net purchases up - (as a negative, add into it that today is X-date and nat gas inventories unexpectedly high on today's report)... Adding to position after conference call completes... Good luck to all...