ETRN - Equitrans Midstream slides after deferred revenue impacts Q4 results
Equitrans Midstream (NYSE:ETRN) is down 9% in early Tuesday trading after the company reported miss on both lines in its fourth quarter earnings results. Revenue of $246.67M (-32.8% Y/Y) misses consensus by $104.95M. The decline is attributed to the impact of deferred revenue, partially offset by increased volumetric gathering revenue. Deferred revenue was $198.4M, which includes approximately $106.1M of cumulative impact. Adjusted EBITDA was $166.9M during the quarter. The company has generated $1.2B of net cash from operating activities and $488M of free cash flow in FY21. Non-GAAP EPS of -$0.07 misses by $0.30. FY2022 Guidance: The company expects its free cash flow to range between $340-$420M; retained free cash flow of $80-$160M. Since, the company's mountain valley pipeline (MVP) project is placed in-service through the fourth quarter of 2024, ETRN said it is unable to provide 2022 guidance for Net Income, Adjusted EBITDA and Deferred Revenue due to its ongoing review of certain recent legal
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Equitrans Midstream slides after deferred revenue impacts Q4 results