Enterprise Products Partners Fails to Meet Q3 Earnings and Revenue Expectations

HOUSTON - Enterprise Products Partners L.P. (NYSE:EPD) reported its third-quarter results on Tuesday, indicating that earnings and revenue fell short of analyst expectations.

The midstream energy company reported adjusted earnings of $0.65 per share for the third quarter, below the $0.67 consensus estimate. Revenue came in at $13.78 billion, failing to meet analysts' expectations of $13.9 billion.

Net income attributable to common shareholders increased by 8% year-over-year to $1.4 billion in the third quarter. Distributable cash flow rose 5% compared to the third quarter of 2023, reaching $2.0 billion.

Enterprise reported that pipeline transportation volumes reached a record 12.8 million barrels per day in the third quarter, up from 12.2 million barrels per day in the same period last year. Natural gas processing plant inlet volumes also set a record, hitting 7.5 billion cubic feet per day, an 11% year-over-year increase.

Co-CEO A.J. "Jim" Teague stated, "Enterprise once again reported a strong quarter driven by new earnings and cash flow sources from recently completed organic growth assets."

The company announced a quarterly dividend distribution of $0.525 per common share for the third quarter, representing a 5% increase compared to the third quarter of 2023.

Enterprise maintained its growth capital investment forecast for 2024 at between $3.5 billion and $3.75 billion. For 2025, it raised the expected range to between $3.5 billion and $4.0 billion, primarily citing new growth opportunities in the Permian Basin.