6:09AM Enterprise Products beats by $0.06, misses on revs (EPD) 52.71 : Reports Q3 (Sep) earnings of $0.66 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.60; revenues fell 7.6% year/year to $10.47 bln vs the $11.22 bln consensus.
Net income for the third quarter of 2012 was reduced by non-cash asset impairment charges of $43 million, or $0.05 per unit on a fully diluted basis.
Enterprise increased its cash distribution with respect to the third quarter of 2012 to $0.65 per unit, or $2.60 per unit on an annualized basis, which represents a 6.1 percent increase from the distribution rate paid with respect to the third quarter of 2011.
"This volume growth in our fee-based businesses along with attractive sales margins led to another quarter of strong financial performance with a $167 million, or 17 percent, increase in gross operating margin for the third quarter of 2012 compared to the third quarter of last year."
The "earnings" you posted are interesting. The problem is using standard earnings and revenues is a joke for MLPs. DCF is what counts along with operating margin. Compared to last year after accounting adjustments it was a 1.4X coverage to the distribution.