ETRN - Equitrans cuts full-year net income forecast

Equitrans Midstream ([[ETRN]] -2.7%) tumbles in early trading after missing Q4 earnings estimates and cutting its net income forecast for 2021.Equitrans now sees FY 2021 net income $335M-$405M vs. prior guidance of $540M-$610M, and negative free cash flow of $110M-$180M vs. negative $80M-$150M previously.The partnership maintains FY 2021 adjusted EBITDA guidance of $1.035B-$1.105B and capital spending of $1.04B-$1.14B.For Q1, Equitrans expects adjusted EBITDA of $280M-$300M, in line with $284M analyst consensus estimate.Equitrans continues to target the Mountain Valley Pipeline for a full in-service date in late 2021; the total project cost estimate is $5.8B-$6B, of which the company expects to fund $2.9B at the midpoint.

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Equitrans cuts full-year net income forecast