Plains All American Pipeline
The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Plains All American Pipeline beat expectations on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue grew and GAAP earnings per share dropped significantly.
Gross margins increased, operating margins dropped, net margins dropped.
Plains All American Pipeline chalked up revenue of $9.35 billion. The nine analysts polled by S&P Capital IQ foresaw revenue of $9.07 billion on the same basis. GAAP reported sales were 5.9% higher than the prior-year quarter's $8.84 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.73. The 16 earnings estimates compiled by S&P Capital IQ forecast $0.53 per share. GAAP EPS of $0.27 for Q3 were 64% lower than the prior-year quarter's $0.74 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 5.8%, 40 basis points better than the prior-year quarter. Operating margin was 2.6%, 140 basis points worse than the prior-year quarter. Net margin was 1.8%, 140 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $9.36 billion. On the bottom line, the average EPS estimate is $0.61.
Next year's average estimate for revenue is $37.95 billion. The average EPS estimate is $2.72.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains All American Pipeline is outperform, with an average price target of $46.55.
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