Enterprise Products Misses Q2 Estimates, Plans Houston Ship Channel Expansion
Portfolio Pulse from Akanksha Bakshi
Enterprise Products Partners L.P. (NYSE:EPD) reported Q2 fiscal 2024 results with sales growth of 26.6% YoY to $13.48 billion, missing the consensus of $14.27 billion. EPS was 64 cents, missing the consensus of 65 cents. The company announced an expansion of the Houston Ship Channel facility, increasing propane and butane export capacity by 300,000 BPD, expected to begin by the end of 2026. EPD shares are trading lower by 1.36% at $29.30.
July 30, 2024 | 3:56 pm
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Enterprise Products Partners L.P. (NYSE:EPD) missed Q2 fiscal 2024 estimates with sales of $13.48 billion and EPS of 64 cents. The company announced an expansion of the Houston Ship Channel facility, increasing propane and butane export capacity by 300,000 BPD, expected to begin by the end of 2026. EPD shares are trading lower by 1.36%.
EPD missed both sales and EPS estimates for Q2 fiscal 2024, which is likely to negatively impact the stock price in the short term. However, the announcement of the Houston Ship Channel facility expansion could provide a positive long-term outlook. The immediate market reaction has been negative, with shares trading down 1.36%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100