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Cheniere Energy Partners Q3 Profit Surges; Results Beat View - Quick Facts

Cheniere Energy Partners LP (CQP) on Thursday reported a surge in profit for the third quarter from last year on higher revenues. Both revenue and earnings per unit beat analysts' expectations.

The company's third-quarter net income surged to $307 million from $23 million in the year-ago period. Net income per common unit was $0.60, compared to loss per unit of $1.10 last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

The increase in net income was primarily due to increased income from operations as a result of additional natural gas liquefaction trains in operation at the SPL Project and decreased loss on modification or extinguishment of debt, partially offset by increased interest expense, net of amounts capitalized.

Adjusted EBITDA for the quarter was $604 million, up from $298 million in the same period last year, reflecting increased income from operations.

Revenues for the quarter grew to $1.53 billion from $903 million in the prior-year quarter, primarily driven by the timing of completion of Trains at the SPL Project and the length of each Train's operations within the periods being compared. Analysts had a consensus revenue estimate of $1.49 billion.

The company will pay a cash distribution per common and subordinated unit of $0.58 to unitholders of record as of November 5, 2018 and the related general partner distribution on November 14, 2018.

Looking ahead to fiscal 2018, the company now forecasts distribution of $2.27 to $2.30 per unit, compared to the prior range of $2.20 to $2.30 per unit.

For fiscal 2019, the company forecasts distribution of $2.35 to $2.55 per unit.

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