Targa Resources Partners LP (NGLS), a provider of midstream natural gas, natural gas liquid, terminaling, and crude oil gathering services, Friday reported a decline in net income, reflecting lower revenues, and higher expenses. Earnings also missed estimates.
For the first quarter, the company reported as $38.9 million or $0.16 per share, compared with $70.1 million or $0.63 per share during the comparable period last year.
On average, eleven analysts polled by Thomson Reuters expected earnings per share of $0.18 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported Adjusted EBITDA of $132.2 million compared with $145.4 million during the corresponding quarter last year.
Revenues generated for the quarter was $1.39 billion compared with $1.64 billion during the same period previous year. Analysts expected the firm to record revenues of $1.68 billion for the quarter.
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