EPD - EPP Q3 Results Record Sales Decline Misses Consensus Estimates | Benzinga
Enterprise Products Partners L.P. (NYSE: EPD) reported a third-quarter (Q3) FY23 sales decline of 22.4% year-over-year to $11.99 billion, missing the consensus of $12.02 billion.
Adjusted EBITDA fell to $2.17 billion from $2.42 billion in the prior year quarter.
EPS was 60 cents, down from 61 cents in 3Q22, missing the consensus of 64 cents.
Distributable Cash Flow was $1.9 billion for the third quarters of 2023 and 2022
Adjusted cash flow provided by operating activities was $2.02 billion in 3Q23, compared to $1.95 billion in third quarter of 2022.
Operating margin expanded by 306 bps to 14.1%, and total gross operating margin was 19.4%, up 442 bps.
Adjusted EBITDA was $2.33 billion (+3.1% Y/Y), with margin expansion of 480 bps to 19.4%.
The gross operating margin from the ...