Delek Logistics Partners, LP (DKL) Tops Q3 EPS by 24c

Delek Logistics Partners, LP (NYSE: DKL) reported Q3 EPS of $1.26, $0.24 better than the analyst estimate of $1.02. Revenue for the quarter came in at $142.3 million versus the consensus estimate of $126.47 million.

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek Logistics' general partner, remarked: "Our financial performance remains resilient despite a challenging energy environment. Third quarter EBITDA and net income increased approximately 32% and 52%, respectively, versus last year. Third quarter distribution growth was 2.8% on a year-over-year basis and we are on-track to deliver 5% distribution growth on a full-year basis."

Mr. Yemin continued, "During the quarter, we eliminated the incentive distribution rights (IDRs), which removes an overhang from DKL shares and lowers our cost of capital. This better positions us to pursue growth opportunities going forward. Our distribution coverage and leverage ratios have already exceeded our year-end targets and create flexibility. Finally, the Red River pipeline expansion was completed in the quarter and should provide financial momentum into 2021."

For earnings history and earnings-related data on Delek Logistics Partners, LP (DKL) click here.

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