Rice Midstream Partners LP (RICE) has reported an 88.45 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $24.99 million, or $0.30 a share in the quarter, compared with $13.26 million, or $0.21 a share for the same period last year.
Revenue during the quarter surged 36.55 percent to $41.07 million from $30.08 million in the previous year period. Total expenses were 37.82 percent of quarterly revenues, down from 46.77 percent for the same period last year. This has led to an improvement of 895 basis points in operating margin to 62.18 percent.
Operating income for the quarter was $25.54 million, compared with $16.01 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $32.14 million compared with $15.59 million in the prior year period. At the same time, adjusted EBITDA margin improved 2642 basis points in the quarter to 78.25 percent from 51.83 percent in the last year period.
Commenting on the results, Daniel J. Rice IV, chief executive officer, said, "We are excited to deliver another solid quarter, as gathering and compression throughputs continue to increase primarily as a result of our sponsor's continued strong execution. We believe the addition of the Vantage Energy assets to our portfolio will position us to generate best-in-class growth while exceeding our targeted 1.15x distributable cash flow coverage and extending our long-term 20% distribution growth target."
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