Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Comcast Corp. on Thursday reported a 14 percent increase in profit for the first quarter from last year on a double-digit growth in revenues. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates. Total customer relationships increased by 3.6 percent to 30.7 million in the quarter and include net additions of 300,000. French banking major Societe Generale's covered bond vehicle Societe Generale SFH has issued 100-million euros-covered bond as a security token on the Ethereum blockchain. In a statement, the lender said, "obligations de financement de l'habitat" or OFH Tokens, backed by covered bonds, have been rated Aaa / AAA by Moody's and Fitch and have been fully subscribed by the parent. Ford Motor Co. plans to invest $500 million in electric truck maker Rivian, the companies said Wednesday. They will also work together to develop an all-new battery electric vehicle for Ford using Rivian's skateboard platform. Ford's investment comes just months after Rivian revealed two new products, an all-electric pickup and SUV.
Follow RTT