Rice Midstream Partners LP (RICE) has reported 173.62 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $34.26 million, or $0.33 a share in the quarter, compared with $12.52 million, or $0.18 a share for the same period last year. Revenue during the quarter surged 102.86 percent to $59.47 million from $29.31 million in the previous year period. Total expenses were 38.13 percent of quarterly revenues, down from 53.01 percent for the same period last year. This has led to an improvement of 1487 basis points in operating margin to 61.87 percent.
Operating income for the quarter was $36.79 million, compared with $13.78 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $46.22 million compared with $19.06 million in the prior year period. At the same time, adjusted EBITDA margin improved 1270 basis points in the quarter to 77.73 percent from 65.04 percent in the last year period.
Commenting on the results, Daniel J. Rice IV, chief executive officer, said, "We delivered another outstanding quarter of meeting or exceeding expectations, as our sponsor’s reliable production growth has allowed Rice Midstream Partners to spend its capital effectively and grow distributions at top-tier rates while maintaining ample coverage. Additionally, the acquisition of Vantage Energy provides a longer, more visible runway for our talented team to execute and deliver top-tier distribution growth at healthy coverage levels."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
