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Plains All American (PAA) Q1 Earnings Top Estimates, Sales Lag
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Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also improved 32.2% from the year-ago quarter’s level of 31 cents.
The company reported GAAP earnings of 52 cents per unit compared with 19 cents in the year-ago period.
Total Revenues
Net sales of $12,341 million missed the Zacks Consensus Estimate of $17,776 million by 30.6%. The top line also declined 9.9% from the year-ago quarter’s figure of $13,694 million.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Total costs and expenses amounted to $11,868 million, down 11.4% year over year. The decrease was primarily due to decline in purchases and related costs.
Net interest expenses totaled $98 million, down 8.4% from that recorded in the prior-year period. Total debt also lowered approximately $450 million.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $517 million, up 14% from $453 million in the year-ago quarter. Adjusted EBITDA for the NGL segment came in at $192 million, up 19% from the prior-year period’s $161 million.
Financial Update
As of Mar 31, 2023, cash and cash equivalents were $526 million compared with $401 million as of Dec 31, 2022.
As of Mar 31, 2023, total long-term debt was $7,288 million compared with $7,287 million as of Dec 31, 2022.
As of Mar 31, 2023, long-term debt-to-total book capitalization was 42%, which remained unchanged from the Dec 31, 2022, figure.
Guidance
For 2023, Plains All American expects adjusted EBITDA in the range of $2,450-$2,550 million. Free cash flow is anticipated to be $1,600 million.
Permian Resources Corporation (PR - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 39 cents per share, implying a year-over-year increase of 5.41%.
The consensus mark for 2023 earnings per share (EPS) stands at $1.93, indicating a year-over-year improvement of 29.53%. PR delivered an average earnings surprise of 6.1% in the last four quarters.
Bloom Energy (BE - Free Report) is slated to announce first-quarter results on May 9, after market close. The bottom-line estimate is pegged at a loss of 26 cents per share, implying a year-over-year improvement of 18.75%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 58.5%. Long term (three to five years) earnings growth rate is currently pegged at 25%.
Canadian Solar Inc. (CSIQ - Free Report) is scheduled to report first-quarter results on May 18, before market open. The Zacks Consensus Estimate for earnings is pegged at $48 cents per share, indicating year-over-year growth of 242.9%.
The same for 2023 EPS stands at $5.3, implying a year-over-year improvement of 54.1%. CSIQ delivered an average earnings surprise of 164.3% in the last four quarters.
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Plains All American (PAA) Q1 Earnings Top Estimates, Sales Lag
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which surpassed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also improved 32.2% from the year-ago quarter’s level of 31 cents.
The company reported GAAP earnings of 52 cents per unit compared with 19 cents in the year-ago period.
Total Revenues
Net sales of $12,341 million missed the Zacks Consensus Estimate of $17,776 million by 30.6%. The top line also declined 9.9% from the year-ago quarter’s figure of $13,694 million.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of the Release
Total costs and expenses amounted to $11,868 million, down 11.4% year over year. The decrease was primarily due to decline in purchases and related costs.
Net interest expenses totaled $98 million, down 8.4% from that recorded in the prior-year period. Total debt also lowered approximately $450 million.
Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $517 million, up 14% from $453 million in the year-ago quarter. Adjusted EBITDA for the NGL segment came in at $192 million, up 19% from the prior-year period’s $161 million.
Financial Update
As of Mar 31, 2023, cash and cash equivalents were $526 million compared with $401 million as of Dec 31, 2022.
As of Mar 31, 2023, total long-term debt was $7,288 million compared with $7,287 million as of Dec 31, 2022.
As of Mar 31, 2023, long-term debt-to-total book capitalization was 42%, which remained unchanged from the Dec 31, 2022, figure.
Guidance
For 2023, Plains All American expects adjusted EBITDA in the range of $2,450-$2,550 million. Free cash flow is anticipated to be $1,600 million.
Zacks Rank
PAA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Permian Resources Corporation (PR - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 39 cents per share, implying a year-over-year increase of 5.41%.
The consensus mark for 2023 earnings per share (EPS) stands at $1.93, indicating a year-over-year improvement of 29.53%. PR delivered an average earnings surprise of 6.1% in the last four quarters.
Bloom Energy (BE - Free Report) is slated to announce first-quarter results on May 9, after market close. The bottom-line estimate is pegged at a loss of 26 cents per share, implying a year-over-year improvement of 18.75%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 58.5%. Long term (three to five years) earnings growth rate is currently pegged at 25%.
Canadian Solar Inc. (CSIQ - Free Report) is scheduled to report first-quarter results on May 18, before market open. The Zacks Consensus Estimate for earnings is pegged at $48 cents per share, indicating year-over-year growth of 242.9%.
The same for 2023 EPS stands at $5.3, implying a year-over-year improvement of 54.1%. CSIQ delivered an average earnings surprise of 164.3% in the last four quarters.