MMP: Q2 In Line and FY Guidance Maintained | MLPs Message Board Posts


MLPs   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  130047 of 131400  at  7/29/2021 4:33:02 PM  by

tulsatea


MMP: Q2 In Line and FY Guidance Maintained

 MMP: Q2 In Line and FY Guidance Maintained—Neutral Initial Thoughts Q2 EBITDA In Line With Our Estimate. EBITDA of $336MM was essentially in line with our estimate of $326MM and Consensus of $329MM. The slight EBITDA variance relates primarily to stronger Refined Products contributions (higher volumes and product margins). FCF was $1.06/unit versus our estimate of $0.89/unit and up 94% year/year. The variance from our estimate was primarily related to slightly higher EBITDA and timing of growth and maintenance capex spending.
 
Distribution Maintained. MMP’s Q2 distribution of $1.0275/unit (or $4.11 annualized) was in line with our forecast. Distribution coverage was almost ~1.2x (DCF basis) and FCF after distributions was ~$8MM (excluding proceeds from asset sales). The company continues to plan to hold the distribution flat in 2021 with distribution coverage expected to approximate 1.17x.
 
2021 Guidance Re-Affirmed. Management re-affirmed its 2021 EBITDA and DCF guidance of $1,377MM and $1,070MM, respectively. The company also continues to expect 2021 and 2022 growth capex to be ~$75MM and ~$15MM, respectively.
 
Buybacks Above Our Estimate. During Q2, Magellan repurchased $82.3MM or 1.7MM units which was above our estimate of $25MM or 0.5MM units.


     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 7  
   Views: 0 []
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board

Replies
Msg # Subject Author Recs Date Posted
130066 Re: MMP: Q2 In Line and FY Guidance Maintained camroc 6 7/30/2021 11:16:12 AM


Financial Market Data provided by
.
Loading...