Plains All American Posts Mixed Q3 Earnings, Expects 2 Deals To Enhance Permian JV
Portfolio Pulse from Lekha Gupta
Plains All American Pipeline LP (PAA) reported Q3 2023 revenue of $12.07 billion, missing the consensus of $14.5 billion. Adjusted EPS of 35 cents beat the consensus of 26 cents. The company closed two acquisitions that enhance the service offering of their Permian JV. PAA and PAGP announced quarterly cash distributions of $0.2675 per Common Unit and per Class A Share. PAA raised the outlook for attributable adjusted EBITDA to $2.60 billion - $2.65 billion from $2.45 billion - $2.55 billion. PAA shares are trading lower by 2.41% at $15.50.
November 03, 2023 | 4:33 pm
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PAA missed Q3 revenue consensus but beat EPS expectations. The company closed two acquisitions and announced quarterly cash distributions. The FY23 EBITDA outlook was raised. Shares are down 2.41%.
PAA's missed revenue consensus is likely causing the stock to trade lower. However, the beat on EPS, the closing of two acquisitions, and the raised EBITDA outlook could potentially offset this negative impact in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100