Enterprise Products Partners L.P. (EPD - Free Report) reported first-quarter 2017 adjusted earnings per limited partner unit of 36 cents, which beat the Zacks Consensus Estimate of 32 cents.
The bottom line also improved from the year-ago quarterly earnings of 32 cents per limited partner unit. The upside was mainly driven by record liquid pipeline and marine terminal volumes as well as higher NGL and crude oil prices.
Quarterly distribution at Enterprise Products Partners increased 5.1% year over year to 41.5 cents per common unit. Adjusted distributable cash flow of $1.1 billion provided coverage of 1.3x. The partnership retained $238 million in cash flow, gaining the financial flexibility to fund growth capital projects, reduce debt and decrease the need to issue additional equity.
Quarterly revenues increased to $7,320.4 million from $5,005.3 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $6,714 million.
First-Quarter Segmental Performance
Gross operating income in the NGL Pipeline & Services segment rose to $856 million from $784 million in the year-ago quarter.
Natural Gas Pipeline and Services segment recorded gross operating income of $171 million compared with $178 million in the prior-year quarter.
Gross operating income from the Crude Oil Pipelines & Services segment surged 31% year over year to $265 million.
Gross operating income from the Petrochemical & Refined Product Services segment grew 18% to $182 million from the year-earlier level of $155 million.
Financials
During the quarter, the partnership spent $460.1 million. Outstanding total debt principal as of Mar 31, 2017 was $23.6 billion. Enterprise Products Partners had consolidated liquidity of $4.1 billion, which comprised unrestricted cash on hand and available borrowing capacity.
Zacks Rank and Key Stock Picks
Currently, Enterprise Products Partners carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
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Enterprise Products Partners L.P. (EPD - Free Report) reported first-quarter 2017 adjusted earnings per limited partner unit of 36 cents, which beat the Zacks Consensus Estimate of 32 cents.
The bottom line also improved from the year-ago quarterly earnings of 32 cents per limited partner unit. The upside was mainly driven by record liquid pipeline and marine terminal volumes as well as higher NGL and crude oil prices.
Quarterly distribution at Enterprise Products Partners increased 5.1% year over year to 41.5 cents per common unit. Adjusted distributable cash flow of $1.1 billion provided coverage of 1.3x. The partnership retained $238 million in cash flow, gaining the financial flexibility to fund growth capital projects, reduce debt and decrease the need to issue additional equity.
Quarterly revenues increased to $7,320.4 million from $5,005.3 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $6,714 million.
First-Quarter Segmental Performance
Gross operating income in the NGL Pipeline & Services segment rose to $856 million from $784 million in the year-ago quarter.
Natural Gas Pipeline and Services segment recorded gross operating income of $171 million compared with $178 million in the prior-year quarter.
Gross operating income from the Crude Oil Pipelines & Services segment surged 31% year over year to $265 million.
Gross operating income from the Petrochemical & Refined Product Services segment grew 18% to $182 million from the year-earlier level of $155 million.
Financials
During the quarter, the partnership spent $460.1 million. Outstanding total debt principal as of Mar 31, 2017 was $23.6 billion. Enterprise Products Partners had consolidated liquidity of $4.1 billion, which comprised unrestricted cash on hand and available borrowing capacity.
Zacks Rank and Key Stock Picks
Currently, Enterprise Products Partners carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
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 >>
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