CORR - CorEnergy Infrastructure Trust GAAP EPS of -$0.40 revenue of $35.7M; updates FY23 guidance

2023-08-14 08:11:30 ET

• CorEnergy Infrastructure Trust press release ( NYSE: CORR ): Q2 GAAP EPS of -$0.40.
• Revenue of $35.7M (+13.3% Y/Y).
• Adjusted EBITDA of $5.8 million.
• Transported an average of 156,078 barrels per day.

• CorEnergy revised its outlook for 2023, now calling for:

  • Adjusted EBITDA of $24.0 to $26.0 million, inclusive of maintenance expense of $9.0 to $10.0 million, reflecting reduced volumes and delays in tariff processes (see Note 2 for additional details);
  • Capital expenditures in the range of $11.5 to $12.5 million, incurred at periodic times throughout the year based on project timing.
  • An expectation that the Company’s Class B Common Stock will mandatorily convert to Common Stock at a ratio of 0.68:1, as opposed to 1:1, during Q1 2024.

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