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Enterprise Products Misses Q2 Estimates, Plans Houston Ship Channel Expansion
Enterprise Products Partners L.P. (NYSE:EPD) reported second-quarter fiscal 2024 sales growth of 26.6% year over year to $13.48 billion, missing the consensus of $14.27 billion.
Adjusted EBITDA rose to $2.39 billion from $2.17 billion a year ago, and the margin contracted by 266 bps to 17.7%.
EPS was 64 cents, up from 57 cents in the second quarter of 2023, missing the consensus of 65 cents.
Distributable Cash Flow was $1.812 billion for the quarters compared to $1.735 billion a year ago. Adjusted cash flow provided by operating activities was $2.065 billion compared to $1.886 billion in the second quarter of 2023.
Adjusted total gross operating margin contracted by 260 bps to 17.9%.
The gross operating margin from the NGL Pipelines & Services segment ...