NGL Energy Partners LP (NGL) Friday reported a sharp increase in fiscal 2013 profit, as revenues surged from last year. Over the next four quarters, the company anticipates 10 to 12 percent increase in distribution per common unit.
Net income attributable to parent equity allocated to limited partners climbed to $45.02 million from $7.87 million in the previous year. Earnings per limited partner unit was $0.96, higher than $0.32 in the prior year.
Two analysts polled by Thomson Reuters expected the company to earn $1.62 per limited partner unit. Analysts' estimates typically exclude special items.
Michael Krimbill, chief executive officer of the company stated, "We are excited to announce results that continue to exceed our prior guidance for the fiscal year. We are growing our asset base to further enhance our ability to provide customers with a full range of services in our water services, crude oil logistics and natural gas liquids logistics businesses."
NGL owns and operates a vertically integrated energy business with four primary businesses: water services, crude oil logistics, NGL logistics and retail propane.
Annual total revenues surged to $4.42 billion from $1.31 billion in fiscal 2012. Analysts estimated revenues of $4.56 billion.
Looking forward to fiscal 2014, the company expects adjusted EBITDA to be in the range of $230 million to $235 million.
NGL anticipates spending $22 million on maintenance capital expenditures and $60 million to $70 million on organic growth projects, predominantly in water services and crude oil logistics.
In addition, the company sees acquisition capital expenditures in the range of $300 million to $500 million.
NGL is currently trading at $29.38, down 0.07 percent on the NYSE.
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