EnLink Midstream (ENLC) Reports Q1 Loss Per Share of 45c

EnLink Midstream (NYSE: ENLC) reported Q1 EPS of ($0.45), may not compare the analyst estimate of $0.05. Revenue for the quarter came in at $1.78 billion versus the consensus estimate of $1.73 billion.

EnLink reaffirms company-level financial 2019 guidance ranges presented in materials released on February 19, 2019, with an adjustment to reflect the impact of a non-cash goodwill charge associated with the recently closed corporate simplification transaction.
Net income is projected to range from $18 million to $28 million for full-year 2019, revised downward from the previous guidance range of $205 million to $215 million because of the recognition of a non-cash charge during the three months ended March 31, 2019, related to goodwill that was created at the formation of EnLink in 2014. This non-cash charge occurred because of the simplification transaction, which closed on January 25, 2019. Excluding the non-cash charge impact, net income expectations would be consistent with original guidance.
Growth capital expenditures, net to EnLink, continue to be projected to range from $565 million to $725 million. EnLink expects the net incremental growth capital expenditures in the Permian Basin related to new project announcements to be primarily offset by reduced growth capital expenditures in other segments.

For earnings history and earnings-related data on EnLink Midstream (ENLC) click here.

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