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American Midstream Reports First Quarter 2017 Results
HOUSTON, TX May 10, 2017 American Midstream Partners, LP (NYSE: AMID) (American Midstream, AMID or the Partnership) today reported financial results for the three months ended March 31, 2017.
|||Closed JP Energy merger creating platform for continued growth|
|||Declared twenty-third consecutive quarterly distribution at or above MQD|
|||Announces 2017 midpoint guidance, up approximately 52% from 2016|
Net loss attributable to the Partnership was $30.2 million for the three months ended March 31, 2017, an increase of $19.6 million compared to the same period in 2016, primarily due to warmer than normal weather in our Propane Marketing and Services segment, merger related costs and increased interest expense due a higher average interest rate, offset by an increase in earnings from unconsolidated affiliates from additional investments in our offshore joint ventures.
Segment gross margin was $80.1 million for the three months ended March 31, 2017, an increase of 8.2% as compared to the same period in 2016, primarily due to higher margin in our Offshore and Terminalling segments that was partially offset by lower margins in our Propane Marketing and Services segment.
Adjusted EBITDA was $46.7 million for the three months ended March 31, 2017, an increase of $10.5 million or 29.0% as compared to the same period in 2016. The Partnership believes the presentation of Adjusted EBITDA provides useful information because it is commonly used by investors in Master Limited Partnerships to assess financial performance and operating results of ongoing business operations.
Distributable Cash Flow (DCF) was $23.1 million for the three months ended March 31, 2017, a decrease of 26.4% as compared to the same period in 2016, primarily due to increases in interest expense and the cash payments on preferred units. The Partnership maintained a distribution of $0.4125 per common unit representing a distribution coverage of approximately 1.1 times. The quarterly distribution was the Partnerships twenty-third consecutive quarterly distribution since its initial public offering. The distribution will be paid May 12, 2017 to unitholders of record as of May 5, 2017.
Reconciliations of non-GAAP financial measures for gross margin, Adjusted EBITDA, Segment operating margin, and DCF to Net income (loss) attributable to the Partnership are provided within this press release.
AMID had an exciting start to 2017. We closed the merger with JP Energy creating a solidified platform for continued growth, specifically in the Permian Basin, one of our key growth areas, said Lynn Bourdon, President and Chief Executive Officer of American Midstream. Building on the momentum from the acquisition, we are encouraged by new drilling activity across our entire platform, which will add throughput and cash flow. Further, we are allocating capital to our core assets to take advantage of commercial opportunities and create additional organic growth from our combined platform.
The following information was filed by American Midstream Partners, Lp (AMID) on Wednesday, May 10, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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