Teppco reports...31 cents...not sure if that was a clean number since there was a charge...looks like they lowered the range slightly for the rest of 05...no mention of 06.
How much of this is baked in i'm not sure...no after hour action....so far
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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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2 comments:
Bottom line: company lowered forecasts on EBITDA for the year to $370-$385 from $375-$395 and lowered earnings to $1.65-$1.80 from $1.75 - $1.95. It did not lower the distribution. At $2.70 and today's closing price, it's yielding 6.6%. On 10/4 S&P had already lowered estimate by .07 to $1.75 and had the same $43 price target for 2006.
In light of hurricane and purchase by GP, I'll buy on any significant dips and take any short term hit from this.
Info from two press releases follow.
Q3 Forecast
"Our current forecast for the full year 2005 calls for EBITDA to be in the range of $370 million to $385 million and earnings between $1.65 per unit and $1.80 per unit. These adjusted ranges include our expectations for lower fourth quarter downstream deliveries due to supply constraints and increased operating costs resulting from Hurricane Rita, and the impact of costs related to the purchase of our general partner," added Pearl.
Q2 forecast:
“We remain confident in achieving results for 2005 within our previously stated EBITDA range of $375 million to $395 million, based on our strong overall performance for the first six months and our outlook for the remainder of the year,” added Pearl. “Our 2005 earnings per unit range is $1.75 to $1.95 per unit, which reflects the impact of 7 million units issued during second quarter 2005 and our recently announced cash distribution increase.”
Joe,
I checked immediately with HARRIS and there is NO after hour trading allowed for TPP.
Carlos
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