Summit Midstream -7% after 2018 EBITDA guidance miss
- Summit Midstream Partners (SMLP -7%) plunges as much as 7.7% to its lowest level since last April after reporting a Q4 GAAP loss of $0.32/share vs. earnings of $0.16 a year ago as well as disappointing 2018 guidance.
- SMLP’s FY 2018 EBITDA guidance of $285M-$300M includes ~$8M in incremental operating expenses relative to 2017 and misses the consensus forecast of $336M. according to Bloomberg data.
- The company’s Q4 EBITDA of $73M also missed the $76M analyst consensus estimate.
- SMLP anticipates minimal EBITDA contribution from northern Delaware and DJ Basin natural gas gathering and processing projects in 2018 due to the expected timing of project commissioning; planned capex for the year is $175M-$225M.