Energy Transfer Equity, L.P. (ETE - Free Report) 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%.
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%.
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
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. (BPL - Free Report) and ONEOK, Inc. (OKE - Free Report) have missed their respective Zacks Consensus Estimate.
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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