Enterprise Products Partners L.P.’s (EPD - Free Report) fourth-quarter 2016 adjusted earnings per limited partner unit of 31 cents came in below the Zacks Consensus Estimate of 32 cents. Also, the bottom line deteriorated from earnings of 34 cents per limited partner unit in the year-ago quarter. Lower revenues from the Crude Oil Pipelines & Services and Petrochemical & Refined Product Services segments hampered the results.
For full-year 2016, adjusted earnings per limited partner unit were $1.20, which decreased from $1.26 in the prior year and also lagged the Zacks Consensus Estimate of $1.21.
Quarterly distribution at Enterprise Products increased 5.1% year over year to 41 cents per common unit, or $1.64 per unit on an annualized basis. Adjusted distributable cash flow of $1 billion provided coverage of 1.2x. The partnership retained $159 million in cash flow, thereby reducing its financing needs.
Revenues in the quarter jumped to $6,478.8 million from $6,155.0 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $5,857 million.
In 2016, revenues dipped 0.5% year over year to $23,022.3 million from $27,027.9 million in 2015. Nonetheless, revenues surpassed the Zacks Consensus Estimate of $22,511.0 million.
Third-Quarter Segmental Performance
Gross operating income in the NGL Pipeline & Services segment increased to $784 million from $730 million in the year-ago quarter.
Natural Gas Pipeline and Services’ gross operating income improved to $201 million from $194 million a year ago.
Gross operating income from the Crude Oil Pipelines & Services segment was $221 million as against $258 million in the prior-year quarter.
Petrochemical & Refined Product Services segment reported gross operating income of $149 million compared with the year-earlier level of $171 million.
Financials
During the quarter, the partnership spent $553 million. Outstanding total debt principal as of Dec 31, 2016 was $23.9 billion. Enterprise had consolidated liquidity of $3.8 billion, which comprised unrestricted cash on hand and available borrowing capacity.
Zacks Rank
Enterprise Products Partners currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Enterprise Products Partners L.P.’s (EPD - Free Report) fourth-quarter 2016 adjusted earnings per limited partner unit of 31 cents came in below the Zacks Consensus Estimate of 32 cents. Also, the bottom line deteriorated from earnings of 34 cents per limited partner unit in the year-ago quarter. Lower revenues from the Crude Oil Pipelines & Services and Petrochemical & Refined Product Services segments hampered the results.
For full-year 2016, adjusted earnings per limited partner unit were $1.20, which decreased from $1.26 in the prior year and also lagged the Zacks Consensus Estimate of $1.21.
Quarterly distribution at Enterprise Products increased 5.1% year over year to 41 cents per common unit, or $1.64 per unit on an annualized basis. Adjusted distributable cash flow of $1 billion provided coverage of 1.2x. The partnership retained $159 million in cash flow, thereby reducing its financing needs.
Revenues in the quarter jumped to $6,478.8 million from $6,155.0 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $5,857 million.
In 2016, revenues dipped 0.5% year over year to $23,022.3 million from $27,027.9 million in 2015. Nonetheless, revenues surpassed the Zacks Consensus Estimate of $22,511.0 million.
Third-Quarter Segmental Performance
Gross operating income in the NGL Pipeline & Services segment increased to $784 million from $730 million in the year-ago quarter.
Natural Gas Pipeline and Services’ gross operating income improved to $201 million from $194 million a year ago.
Gross operating income from the Crude Oil Pipelines & Services segment was $221 million as against $258 million in the prior-year quarter.
Petrochemical & Refined Product Services segment reported gross operating income of $149 million compared with the year-earlier level of $171 million.
Financials
During the quarter, the partnership spent $553 million. Outstanding total debt principal as of Dec 31, 2016 was $23.9 billion. Enterprise had consolidated liquidity of $3.8 billion, which comprised unrestricted cash on hand and available borrowing capacity.
Zacks Rank
Enterprise Products Partners currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on EPD - FREE
Get the latest research report on SU - FREE
Get the latest research report on BAK - FREE