Plains All American Pipeline Earnings: Here’s Why the Stock is Falling Now
Plains All American Pipeline LP (NYSE:PAA) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.96%.
Plains All American Pipeline LP Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 31.71% to $0.56 in the quarter versus EPS of $0.82 in the year-earlier quarter.
Revenue: Rose 5.2% to $10.3 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Plains All American Pipeline LP reported adjusted EPS income of $0.56 per share. By that measure, the company missed the mean analyst estimate of $0.6. It beat the average revenue estimate of $9.88 billion.
Quoting Management: “PAA delivered solid second-quarter results, exceeding the high-end of our guidance and in line with our updated outlook provided in late May,” said Greg L. Armstrong, Chairman and CEO of Plains All American. “These results include an approximate $25 million adverse impact associated with certain operational issues that occurred during the second quarter of 2013.
Key Stats (on next page)…