Pipeline Powerhouse Plains All American's Q4 Earnings Leap Forward, Eyes Hefty Cash Flow in 2024
Portfolio Pulse from Akanksha Bakshi
Plains All American Pipeline, L.P. (NASDAQ:PAA) reported a significant increase in Q4 fiscal 2023 earnings with revenue of $12.698 billion, adjusted EPS of $0.42, and operating income of $426 million. The company saw a 12% Y/Y increase in adjusted EBITDA to $737 million, with notable growth in both Crude Oil and GL Segments. Adjusted Free Cash Flow for fiscal 2023 was $1.60 billion. PAA increased distributions to $0.20 per unit, a 23% YoY increase. For 2024, PAA expects adjusted EBITDA of $2.625 to $2.725 billion and aims to generate ~$1.65 billion in Adjusted Free Cash Flow.
February 09, 2024 | 4:53 pm
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Plains All American Pipeline reported strong Q4 fiscal 2023 results with increased revenue, EPS, and adjusted EBITDA. The company also increased its distributions and has a positive outlook for 2024.
The positive earnings report, increased distributions, and optimistic outlook for 2024 suggest a strong performance and financial health of PAA, likely leading to a positive short-term impact on its stock price. However, the slight decrease in stock price on the last check indicates market reactions can be unpredictable short-term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100