Summary
Energy Transfer LP (ET) reported its first quarter 2010 financial results, highlighting revenue growth driven by its natural gas and retail propane operations. Total revenues increased to $1.87 billion from $1.63 billion in the prior year's comparable quarter. While operating income saw a slight decrease year-over-year, this was largely offset by increased equity in earnings from affiliates. The company's balance sheet shows growth in total assets to $12.49 billion, supported by significant property, plant, and equipment, as well as goodwill and intangibles, indicating ongoing investment and potential acquisitions. The company's cash flow from operations remained robust, increasing to $475 million from $413 million in the prior year's quarter. However, significant cash outflows were noted in investing activities due to acquisitions and capital expenditures, totaling $266 million. Financing activities showed net cash provided by borrowings and equity offerings, reflecting strategic financial management. Investors should note the continued focus on growth projects and a steady distribution policy, with the company announcing a quarterly distribution of $0.54 per Common Unit.
Financial Highlights
20 data points| Revenue | $1.87B |
| Gross Profit | $647.12M |
| SG&A Expenses | $51.11M |
| Operating Expenses | $1.53B |
| Operating Income | $338.93M |
| Interest Expense | $121.67M |
| Net Income | $112.78M |
Key Highlights
- 1Total revenues increased by 14.9% to $1.87 billion for the three months ended March 31, 2010, compared to $1.63 billion for the same period in 2009.
- 2Operating income decreased by 4.8% to $338.9 million, primarily due to an increase in interest expense and a less favorable derivative impact.
- 3Net income attributable to partners decreased to $112.8 million ($0.50 per unit) from $151.5 million ($0.68 per unit) in the prior year, reflecting higher costs and financing expenses.
- 4Cash flow from operating activities increased by 15% to $475.0 million, demonstrating strong operational cash generation.
- 5The company made significant investing activities, with $149.6 million spent on acquisitions, including a natural gas gathering company, and $119.7 million in capital expenditures.
- 6Total assets grew to $12.49 billion as of March 31, 2010, up from $12.16 billion at the end of 2009, driven by increases in property, plant, and equipment.
- 7Total liabilities decreased to $8.77 billion from $8.94 billion, primarily due to a reduction in long-term debt.