Energy Transfer LP (NYSE:ET) 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.
Operational highlights
In March 2019, Energy Transfer and Phillips 66 (NYSE:PSX) 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. (NYSE:PAA) reported first-quarter 2019 adjusted earnings of 69 cents per unit, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
ONEOK Inc. (NYSE:OKE) 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. (NYSE:EPD) 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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