Energy Transfer Equity, L.P. (ETE - Free Report) reported first-quarter 2018 earnings of 42 cents per unit, lagging the Zacks Consensus Estimate of 46 cents by 8.7%. However, the bottom line improved by 82.6% compared with the year-ago figure of 23 cents.
In the quarter under review, Energy Transfer Equity’s total revenues came in at $11,882 million, surpassing the Zacks Consensus Estimate of $11,053 million by 7.5%. The top line declined 23% from the year-ago- quarter.
In the first quarter, the company spent $9,245 million on cost of product sold, up 23.1% from the year-ago figure of $7,510 million.
Total operating expenses amounted to $724 million, up 20.4% compared with $601 million in the prior-year quarter.
Total costs and expenses amounted to $10,782 million, up 21.1% compared with $8,904 million a year ago.
Total interest expenses dipped 1.5% to $466 million from $473 million a year ago.
Operating income came in at $1,100 million in the reported quarter, up 45.3% from the year-ago tally of $757 million.
As of Mar 31, 2018, Energy Transfer Equity had long-term debt (less current maturities) of $41,779 million, down from the 2017-end level of $43,671 million.
Energy Transfer Equity currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Oil & Gas Pipeline Releases
Enable Midstream Partners, LP (ENBL - Free Report) reported adjusted earnings of 24 cents per share in first-quarter fiscal 2018, beating the Zacks Consensus Estimate of 22 cents.
Enterprise Products Partners L.P. (EPD - Free Report) first-quarter 2018 adjusted earnings came in at 39 cents per share, surpassing the Zacks Consensus Estimate of 38 cents.
Summit Midstream Partners, LP. (SMLP - Free Report) first-quarter 2018 adjusted earnings came in at 12 cents per share, outpacing the consensus mark of 7 cents by 71.4%.
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