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Enterprise (EPD) Q3 Earnings and Revenues Miss Estimates

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Earnings Miss: Headquartered in Houston, TX, Enterprise Products Partners L.P. (EPD - Free Report) reported third-quarter earnings of 50 cents per unit. The bottom-line failed to beat the Zacks Consensus Estimate of 53 cents.  

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has been unchanged in the past seven days.

Enterprise Products has an impressive earnings surprise history. The partnership managed to beat the Zacks Consensus Estimate in all of the last four quarters, the average positive earnings surprise being roughly 14%.

Revenues Miss: Revenues of $7,964 million missed the Zacks Consensus Estimate of $8,800 million.

Key Stats: Adjusted distributable cash flow was recorded at $1,639.5 million, up 5% year over year and provided coverage of 1.7x. The partnership has retained $665 million of distributable cash flow.

Notably, NGL, crude oil, refined products & petrochemical pipeline volumes were recorded at 6.6 million barrels per day level in the third quarter of 2019.

Zacks Rank: Currently, Enterprise Products has a Zacks Rank #3 (Hold) but that could change following its third-quarter 2019 report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back later for our full write up on this Enterprise Products earnings report later!

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