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MarkWest Energy Partners LP (NYSE:MWE) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
MarkWest Energy Partners LP Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.22 in the quarter versus EPS of $-0.87 in the year-earlier quarter.
Revenue: Rose 11.26% to $371.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: MarkWest Energy Partners LP reported adjusted EPS income of $0.22 per share. By that measure, the company missed the mean analyst estimate of $0.34. It missed the average revenue estimate of $391.01 million.
Quoting Management: “We are extremely pleased with our performance in 2012, which was highlighted by record distributable cash flow, our second consecutive year of double-digit distribution increases and 23 percent growth in processed volumes,” said Frank Semple, Chairman, President and Chief Executive Officer. “We have continued to build on our industry-leading position in the Marcellus Shale and as a result of our producer customers’ very successful drilling programs our fourth quarter year-over-year Liberty processed volumes increased by 86 percent. In addition, with our partner EMG, we have made enormous progress in the development of our full service integrated midstream platform to support the rapidly developing Utica Shale. In 2012 we invested almost $2 billion on strategic growth projects primarily in our Marcellus and Utica business units and in 2013 we expect to invest between $1.5 and $1.8 billion on additional capital projects, which are supported by long-term, largely fee-based contracts. Our diverse asset base and strategic position in some of the premier resource plays in the U.S. continues to provide us with significant growth opportunities. We are committed to provide our producer customers with fully-integrated midstream solutions and outstanding customer service.”
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