Here's What Key Metrics Tell Us About EnLink Midstream (ENLC) Q3 Earnings

Zacks Equity Research
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For the quarter ended September 2023, EnLink Midstream (ENLC) reported revenue of $1.75 billion, down 34.4% over the same period last year. EPS came in at $0.10, compared to $0.18 in the year-ago quarter.

The reported revenue represents a surprise of +5.53% over the Zacks Consensus Estimate of $1.65 billion. With the consensus EPS estimate being $0.11, the EPS surprise was -9.09%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how EnLink Midstream performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Gathering and Transportation - Permian: 1,840,800 MMBtu/d versus 1,835,940 MMBtu/d estimated by two analysts on average.

  • Processing - Permian: 1,699,700 MMBtu/d compared to the 1,671,058 MMBtu/d average estimate based on two analysts.

  • Gathering and Transportation - Louisiana: 2,468,900 MMBtu/D versus the two-analyst average estimate of 2,306,735 MMBtu/D.

  • NGL Fractionation - Louisiana: 7,593,400 Gal/D versus 7,882,137 Gal/D estimated by two analysts on average.

  • Processing - North Texas: 729,000 MMBtu/d versus 704,246.8 MMBtu/d estimated by two analysts on average.

  • Processing - Oklahoma: 1,178,200 MMBtu/d compared to the 1,219,636 MMBtu/d average estimate based on two analysts.

  • Crude Oil Handling - Oklahoma: 21,900 BBL/D compared to the 24,574.21 BBL/D average estimate based on two analysts.

  • Gathering and Transportation - North Texas: 1,563,100 MMBtu/d versus the two-analyst average estimate of 1,587,587 MMBtu/d.

  • Gathering and Transportation - Oklahoma: 1,223,000 MMBtu/d compared to the 1,260,733 MMBtu/d average estimate based on two analysts.

  • Segment Profit- Permian: $102.70 million compared to the $117.34 million average estimate based on two analysts.

  • Segment Profit- North Texas: $63.80 million versus $76.69 million estimated by two analysts on average.

  • Segment Profit- Oklahoma: $104.60 million versus the two-analyst average estimate of $111.65 million.

View all Key Company Metrics for EnLink Midstream here>>>

Shares of EnLink Midstream have returned +1.4% over the past month versus the Zacks S&P 500 composite's -2.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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