Plains All American Pipeline
The 10-second takeaway
For the quarter ended March 31 (Q1), Plains All American Pipeline missed estimates on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly. Non-GAAP earnings per share grew significantly. GAAP earnings per share expanded significantly.
Margins grew across the board.
Plains All American Pipeline notched revenue of $10.62 billion. The 10 analysts polled by S&P Capital IQ foresaw revenue of $11.42 billion on the same basis. GAAP reported sales were 15% higher than the prior-year quarter's $9.22 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 $1.26. The 17 earnings estimates compiled by S&P Capital IQ anticipated $0.97 per share. Non-GAAP EPS of $1.26 for Q1 were 59% higher than the prior-year quarter's $0.79 per share. GAAP EPS of $1.27 for Q1 were 149% higher than the prior-year quarter's $0.51 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 7.9%, 280 basis points better than the prior-year quarter. Operating margin was 6.2%, 280 basis points better than the prior-year quarter. Net margin was 5.0%, 250 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $10.13 billion. On the bottom line, the average EPS estimate is $0.62.
Next year's average estimate for revenue is $40.98 billion. The average EPS estimate is $2.82.
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 $55.66.
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