Midstream energy firm Delek Logistics' Q2 revenue misses estimates, net income rises
Overview
Delek Logistics Q2 net income rises to $44.6 mln from $41.1 mln yr ago
Adjusted EBITDA for Q2 up 18% yr/yr, revenue missed analyst expectations, per LSEG data
Co completed $700 mln debt offering, boosting liquidity to over $1 bln
Outlook
Delek Logistics expects full-year Adjusted EBITDA of $480 mln to $520 mln
Company plans continued distribution increases
Delek Logistics confident in growth driven by Midland and Delaware basins
Result Drivers
LIBBY 2 PLANT - Completion of Libby 2 gas processing plant expanded capacity for producer customers in Lea County, New Mexico
ACQUISITIONS - Incremental EBITDA from Gravity and H2O Midstream acquisitions boosted Gathering and Processing segment
DISTRIBUTION GROWTH - Achieved 50th consecutive quarterly distribution increase, reinforcing growth strategy
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $246.35 mln | $288 mln (3 Analysts) |
Q2 Net Income |
| $44.57 mln |
|
Q2 Adjusted EBITDA |
| $120.90 mln |
|
Q2 EBITDA |
| $90.10 mln |
|
Q2 Operating Income |
| $52.44 mln |
|
Q2 Pretax Profit |
| $44.82 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Delek Logistics Partners LP is $45.00, about 0% above its August 5 closing price of $44.99
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago
Press Release: ID:nBw1wmDbba
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