Kinetik Sees FY24 Adj EBITDA Between $940M-$980M, A 3% Increase At The Midpoint Versus The Previous Guidance Range And Implies Over 14% Adjusted EBITDA Growth YoY
Portfolio Pulse from Benzinga Newsdesk
Kinetik has revised its 2024 guidance upwards, now expecting full year Adjusted EBITDA between $940 million and $980 million, a 3% increase at the midpoint versus previous guidance. This implies over 14% Adjusted EBITDA growth year-over-year. The revision follows earnings outperformance, the successful Durango acquisition, and the divestiture of its equity interest in GCX. Capital expenditures are also revised upwards to $260 million to $300 million.
August 07, 2024 | 9:07 pm
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Kinetik has revised its 2024 guidance upwards, now expecting full year Adjusted EBITDA between $940 million and $980 million, a 3% increase at the midpoint versus previous guidance. This implies over 14% Adjusted EBITDA growth year-over-year. The revision follows earnings outperformance, the successful Durango acquisition, and the divestiture of its equity interest in GCX. Capital expenditures are also revised upwards to $260 million to $300 million.
The upward revision in guidance, driven by earnings outperformance, successful acquisition, and strategic divestiture, is likely to positively impact Kinetik's stock price in the short term. The increased Adjusted EBITDA and capital expenditures indicate strong growth and investment in future projects.
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