EQT Earnings Shine, Outlook Bright - Analyst Blog
25 Aprile 2013 - 1:53PM
Zacks
EQT
Corporation’s (EQT) first quarter 2013 adjusted earnings
increased 37.5% year over year to 66 cents per share from 48 cents
in prior year period and surpassed the Zacks Consensus Estimate of
52 cents. The year-over-year increase was primarily attributable to
higher production sales, improved gathered volumes and transmission
throughput as well as higher sales at distribution, partially
offset by lower realized commodity prices.
Net operating revenue in the
quarter was up 25.2% year over year at $458.1 million and ahead of
the Zacks Consensus Estimate of $449.0 million.
Segment
Details
EQT Production's
first quarter operating revenues increased 28.2% year over year to
$250.5 million as average daily sales volume rose nearly
48.5%.
Operating income increased 25.5%
year over year to $74.1 million.
Under the EQT
Midstream segment, net gathering revenue surged 18.1% year
over year to $81.8 million, owing to 42.2% growth in gathered
volumes. Net transmission revenue increased 62.6%. Net storage,
marketing and other operating revenue averaged $9.8 million,
representing a $5.2 million decline.
Operating income jumped 32.2%
year over year to $74.2 million in the reported quarter.
EQT
Distribution’s net operating revenue increased 24.2% year
over year to $78.7 million.
The segment generated an
operating income of $52.3 million versus the year-ago level of
$36.8 million.
During the quarter, net operating
expense increased 21.4% year over year to $259.5 million.
Financials
The company’s operating cash flow
was $304.4 million during the quarter, reflecting an increase of
33.6% year over year.
EQT’s capital expenditure totaled
$304 million, with $247 million spent on EQT Production, $51
million on EQT Midstream and $6 million on EQT Distribution.
Guidance
The company has increased its
production sales volume guidance to 340–350 Bcfe from its earlier
estimated 2013 volume of 335 Bcfe, which is 33% higher than 2012.
EQT has also forecasted 2014 production sales volume at 445
Bcfe.
Ranks
The company holds a Zacks Rank
#3, which translates to a short-term Hold rating. However, there
are other Zacks Ranked #1 (Strong Buy) stocks – Range
Resources Corporation (RRC), Lehigh Gas Partners
LP (LGP) and EPL Oil & Gas, Inc.
(EPL) – in the oil and gas sector that are expected to outperform
the market in the coming one to three months.
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
EQT CORP (EQT): Free Stock Analysis Report
LEHIGH GAS PTNR (LGP): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
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