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Enterprise Products Miss on Earnings, Revenues in Q1 - Analyst Blog

Zacks Equity Research

Before the market opened on Apr 30, Enterprise Products Partners L.P. EPD reported first-quarter 2015 adjusted earnings per limited partner unit of 32 cents, which missed the Zacks Consensus Estimate of 33 cents. This was also lower than the year-ago quarterly earnings of 38 cents.

Quarterly distribution at Enterprise Products increased 5.6% year over year to 37.5 cents per common unit, or $1.50 per unit on an annualized basis. Distributable cash flow of $1.0 billion provided coverage of 1.4x. The partnership retained $295 million in cash flow, thereby reducing its financing needs.
 


Enterprise Products Partners LP - Earnings Surprise | FindTheCompany

Revenues in the quarter decreased from $12,909.9 million in the year-ago quarter to $7,472.5 million and failed to meet the Zacks Consensus Estimate of $12,775.0 million by a wide margin.

First Quarter Segmental Performance

Gross operating income in the NGL Pipeline & Services segment dropped from $780.0 million in the year-ago quarter to $695.0 million.

Onshore Natural Gas Pipeline and Services’ gross operating income decreased from $220 million in the year-ago quarter to $205.0 million.

Gross operating income from the Onshore Crude Oil Pipelines & Services segment shot up nearly 34% year over year to $214.0 million.

Gross operating income from the Petrochemical & Refined Product Services segment improved to $175.0 million from the year-earlier level of $131.0 million.

However, Enterprise’s Offshore Pipelines & Services’ gross operating income was $46 million; higher than $39 million a year ago.

Financials

During the quarter, the partnership spent $2.3 billion. Total debt principal outstanding as of Mar 31, 2015, was $21.6 billion. Enterprise had consolidated liquidity of $3.7 billion, which comprised unrestricted cash on hand and available borrowing capacity.

Stocks That Warrant a Look

Other stocks from the oil and gas sector that are worth considering are Valero Energy Partners L.P. VLP, CNOOC Ltd CEO and Hallador Energy Co. HNRG.


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ENTERPRISE PROD (EPD): Free Stock Analysis Report
 
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