Energy Company Equitrans Midstream Reports 2% Revenue Growth In Q3, Breezes Past Expectations
Portfolio Pulse from Akanksha Bakshi
Equitrans Midstream Corp (ETRN) reported a 2% YoY increase in Q3 FY23 operating revenue to $338.51 million, beating estimates. The growth is attributed to increased transmission usage and higher water volumes. Adjusted EPS was $0.28, up from $0.09 in 3Q22, beating estimates. However, operating income declined by 13.5% YoY to $154.29 million. The company will pay a quarterly cash dividend of $0.15 per share on November 14, 2023. ETRN shares are trading higher by 1.20% at $8.89.
October 31, 2023 | 5:28 pm
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Equitrans Midstream Corp reported better than expected Q3 FY23 results, with revenue and EPS beating estimates. However, operating income declined. The company also announced a dividend payment.
The company's better than expected results and the announcement of a dividend payment are positive news for investors, which could lead to an increase in the stock price. However, the decline in operating income could be a concern.
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