Summit Midstream Corporation Reports Third Quarter 2024 Financial and Operating Results
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Summit Midstream Corporation (NYSE: SMC) reported a third-quarter 2024 net loss of $197.5 million, primarily due to a non-cash income tax expense. The company generated $45.2 million in adjusted EBITDA, showing growth, and completed a C-Corp conversion and refinancing transactions. Summit also announced the acquisition of Tall Oak Midstream III.
November 12, 2024 | 12:15 pm
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NEUTRAL IMPACT
Summit Midstream Corporation reported a net loss due to a non-cash tax expense but showed growth in adjusted EBITDA. The company completed a C-Corp conversion and announced a significant acquisition.
The net loss is primarily due to a non-cash tax expense, which may not impact cash flow directly. The growth in EBITDA and strategic moves like the C-Corp conversion and acquisition could be seen positively by investors, balancing the negative impact of the reported loss.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100