Tallgrass Energy Partners, LP (TEGP) has reported 48.48 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $70.90 million, or $0.55 a share in the quarter, compared with $47.76 million, or $0.35 a share for the same period last year. Revenue during the quarter went down marginally by 1.88 percent to $144.40 million from $147.17 million in the previous year period. Gross margin for the quarter expanded 36 basis points over the previous year period to 73.15 percent. Total expenses were 55.83 percent of quarterly revenues, down from 56.54 percent for the same period last year. This has led to an improvement of 70 basis points in operating margin to 44.17 percent.
Operating income for the quarter was $63.78 million, compared with $63.97 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $115.11 million compared with $87.82 million in the prior year period. At the same time, adjusted EBITDA margin improved 2005 basis points in the quarter to 79.72 percent from 59.67 percent in the last year period.
"Tallgrass Energy delivered another outstanding quarter supported by growth in distributions from Rockies Express, growth in our Processing and Logistics Segment, contributions from our recent Terminals and NatGas Operator acquisition and continued performance in our Crude Oil and Logistics segment," said Tallgrass Energy president and chief executive officer David G. Dehaemers Jr. "We remain well-positioned to deliver record distributable cash flow and distribution coverage metrics at TEP for 2017."
Operating cash flow improvesTallgrass Energy Partners, LP has generated cash of $104.24 million from operating activities during the quarter, up 11.88 percent or $11.07 million, when compared with the last year period. The company has spent $562.04 million cash to meet investing activities during the quarter as against cash outgo of $70.36 million in the last year period.
Cash flow from financing activities was $457.13 million for the quarter as against cash outgo of $21.54 million in the last year period.
Cash and cash equivalents stood at $1.20 million as on Mar. 31, 2017, down 58.47 percent or $1.69 million from $2.88 million on Mar. 31, 2016.
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