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Energy Transfer Equity (ETE) Earnings & Revenues Lag in Q2


Energy Transfer Equity, L.P. ETE reported second-quarter 2017 earnings of 18 cents per unit, lagging the Zacks Consensus Estimate of 25 cents by 28%. Further, earnings fell shy of the year-ago figure of 23 cents by 21.7%.

Total Revenue

In the quarter under review, Energy Transfer Equity’s total revenue came in at $8,935 million, missing the Zacks Consensus Estimate of $10,863 million by 17.7%.

Operational highlights

In the second quarter, the company spent $6,887 million on cost of product sold up 25.7% from $5,478 million.

Total operating expenses amounted to $478 million, up 7.7% compared with $444 million in the year-ago quarter.

Total costs and expenses were $8,147 million, up 23.3% from $6,610 million a year ago.

Expenses related to depreciation, depletion and amortization amounted to $604 million, up 12.5% from $537 million in the year-ago quarter.

Selling, general and administrative expenses came in at $178 million up 18.7% from $150 million in the prior-year quarter.

Total Interest expenses increased 9.5% to $485 million from $443 million a year ago.

Operating income came in at $788 million in the second quarter, down 2.1% from the year-ago amount of $805 million.

Energy Transfer Equity, L.P. Price, Consensus and EPS Surprise

Financial Condition

As of Jun 30, 2017, Energy Transfer Equity had long-term debt (less current maturities) of $43,084 million, up from the 2016-end level of $42,608 million.

Performance of Peers

Among other players from the same industry that have reported second-quarter earnings so far, Plains All American Pipeline, L.P. PAA beat its Zacks Consensus Estimate, while Buckeye Partners L.P. BPL and ONEOK, Inc. OKE have missed their respective Zacks Consensus Estimate.

Zacks Rank

Energy Transfer Equity 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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