Summit Midstream -7% after 2018 EBITDA guidance miss

Feb. 23, 2018 11:01 AM ETSummit Midstream Partners, LP (SMLP)SMLPBy: Carl Surran, SA News Editor
  • 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.
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