Energy Transfer Equity, L.P. reported second-quarter 2017 earnings of 18 cents per unit, lagging the Zacks Consensus Estimate of 25 cents by 28%. Further, earnings fell shy of the year-ago figure of 23 cents by 21.7%.
Total Revenue
In the quarter under review, Energy Transfer Equity’s total revenue came in at $8,935 million, missing the Zacks Consensus Estimate of $10,863 million by 17.7%.
Operational highlights
In the second quarter, the company spent $6,887 million on cost of product sold up 25.7% from $5,478 million.
Total operating expenses amounted to $478 million, up 7.7% compared with $444 million in the year-ago quarter.
Total costs and expenses were $8,147 million, up 23.3% from $6,610 million a year ago.
Expenses related to depreciation, depletion and amortization amounted to $604 million, up 12.5% from $537 million in the year-ago quarter.
Selling, general and administrative expenses came in at $178 million up 18.7% from $150 million in the prior-year quarter.
Total Interest expenses increased 9.5% to $485 million from $443 million a year ago.
Operating income came in at $788 million in the second quarter, down 2.1% from the year-ago amount of $805 million.
Energy Transfer Equity, L.P. Price, Consensus and EPS Surprise
Financial Condition
As of Jun 30, 2017, Energy Transfer Equity had long-term debt (less current maturities) of $43,084 million, up from the 2016-end level of $42,608 million.
Performance of Peers
Among other players from the same industry that have reported second-quarter earnings so far, Plains All American Pipeline, L.P. (PAA - Free Report) beat its Zacks Consensus Estimate, while Buckeye Partners L.P. and ONEOK, Inc. (OKE - Free Report) have missed their respective Zacks Consensus Estimate.
Zacks Rank
Energy Transfer Equity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Energy Transfer Equity, L.P. reported second-quarter 2017 earnings of 18 cents per unit, lagging the Zacks Consensus Estimate of 25 cents by 28%. Further, earnings fell shy of the year-ago figure of 23 cents by 21.7%.
Total Revenue
In the quarter under review, Energy Transfer Equity’s total revenue came in at $8,935 million, missing the Zacks Consensus Estimate of $10,863 million by 17.7%.
Operational highlights
In the second quarter, the company spent $6,887 million on cost of product sold up 25.7% from $5,478 million.
Total operating expenses amounted to $478 million, up 7.7% compared with $444 million in the year-ago quarter.
Total costs and expenses were $8,147 million, up 23.3% from $6,610 million a year ago.
Expenses related to depreciation, depletion and amortization amounted to $604 million, up 12.5% from $537 million in the year-ago quarter.
Selling, general and administrative expenses came in at $178 million up 18.7% from $150 million in the prior-year quarter.
Total Interest expenses increased 9.5% to $485 million from $443 million a year ago.
Operating income came in at $788 million in the second quarter, down 2.1% from the year-ago amount of $805 million.
Energy Transfer Equity, L.P. Price, Consensus and EPS Surprise
Financial Condition
As of Jun 30, 2017, Energy Transfer Equity had long-term debt (less current maturities) of $43,084 million, up from the 2016-end level of $42,608 million.
Performance of Peers
Among other players from the same industry that have reported second-quarter earnings so far, Plains All American Pipeline, L.P. (PAA - Free Report) beat its Zacks Consensus Estimate, while Buckeye Partners L.P. and ONEOK, Inc. (OKE - Free Report) have missed their respective Zacks Consensus Estimate.
Zacks Rank
Energy Transfer Equity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
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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