NGL Energy Partners (NGL) Reports Q1 Revenues Above Consensus

NGL Energy Partners (NYSE: NGL) reported Q1 EPS of ($1.55), $1.22 worse than the analyst estimate of ($0.33). Revenue for the quarter came in at $5.8 billion versus the consensus estimate of $4.68 billion.

• Adjusted EBITDA for the first quarter of Fiscal 2019 was $80.3 million, compared to $38.9 million for the first quarter of Fiscal 2018, an increase of over 106%
• Completed the sale of virtually all of our remaining Retail Propane segment to Superior Plus Corp. (“Superior”) for $900 million in gross proceeds (adjusted for working capital) on July 10, 2018
• Confirms Fiscal 2019 Adjusted EBITDA guidance with a target of $450 million remains unchanged
• Growth capital expenditures, including $125.9 million in acquisitions of Water Solutions facilities and related assets, and other investments, totaled approximately $193.2 million during the first quarter (excluding Retail Propane segment)

“Our financial results for the quarter are right in line with our expectations and we anticipate increasingly stronger quarterly results for the remainder of this fiscal year,” stated CEO Mike Krimbill. “Our balance sheet and liquidity are much stronger following the closing of the retail propane sale in July and we are well positioned for the future. Each of our business units is performing well and with the acquisitions we have recently completed in the Water Solutions business, I am confident about our growth opportunities and the execution of our strategic direction.”

For earnings history and earnings-related data on NGL Energy Partners (NGL) click here.

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