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Energy Transfer (ET) Q1 Earnings Top Estimates, Revenues Lag

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Energy Transfer LP (ET - Free Report) delivered first-quarter 2019 earnings of 37 cents per unit, which beat the Zacks Consensus Estimate of 36 cents by 2.78%. However, earnings declined 12% from the year-ago quarter’s figure.

Total Revenues

In the quarter, Energy Transfer’s total revenues amounted to $13,121 million, which lagged the Zacks Consensus Estimate of $13,973 million by 6.10%. However, total revenues rose 10.4% from the year-ago quarter’s figure of $11,882 million.

Energy Transfer LP Price, Consensus and EPS Surprise

 

Energy Transfer LP Price, Consensus and EPS Surprise

Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote

 

Operational highlights

In March 2019, Energy Transfer and Phillips 66 Partners LPannounced that the second phase of the Bayou Bridge pipeline was ready for service.

Total costs and expenses amounted to $11,194 million, up 3.8% from $10,782 million in the year-ago quarter. The increase can be primarily attributed to higher cost of products sold,operating expenses, depreciation, depletion, amortization costs and impairment losses.

Operating income totaled $1,927 million in the first quarter, up 75.2% from the year-ago quarter’s figure of $1,100 million.

Total interest expenses increased 26.6% to $590 million from $466 million in the year-ago quarter.

Financial Condition

As of Mar 31, 2019, Energy Transfer had current assets of $7,127 million, down from $6,750 million as of Dec 31, 2018.

As of Mar 31, 2019, the company had long-term debt (excluding current maturities) of $46,373 million, down from $43,373 million as of Dec 31, 2018.

Other Releases

Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2019 adjusted earnings of 69 cents per unit, beating the Zacks Consensus Estimate of 59 cents by 16.9%.

ONEOK Inc. (OKE - Free Report) reported first-quarter 2019 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 73 cents by 10.96%.

Enterprise Products Partners L.P. (EPD - Free Report) reported first-quarter 2019 adjusted earnings per limited partner unit of 57 cents, which beat the Zacks Consensus Estimate of 47 cents.

Zacks Rank

Energy Transfer 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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