Enable Midstream Partners Q2 Profit Falls, Reaffirms FY16 Profit Outlook

(RTTNews) - Enable Midstream Partners L.P. (ENBL) Wednesday announced a plunge in second quarter net income attributable to limited partners to $39 million, from $77 million last year.

On average, 9 analysts polled by Thomson Financial expected the company to earn $0.18 per share. Analysts estimates usually exclude special items.

The company attributed the decline primarily to losses attributable to changes in the fair value of commodity derivatives related to Enable's hedging program, lower commodity prices in the quarter, lower natural gas volumes sold and higher depreciation and amortization expense.

Revenue for the quarter decreased to $529 million from $590 million in the prior year. Analysts expected $647.51 million.

Looking ahead to the full year 2016, the company reaffirmed its net income attributable to the common and subordinated unit holders in a range of $240 to $310 million. Adjusted EBITDA is expected in the range of $780 to $840 million. The company project natural gas gathered volume of 3.1 to 3.5 TBtu per day and natural gas processed volume of 1.9 to 2.1 TBtu/d. Enable also reaffirmed its 2016 expansion capital outlook of $375 million.

For the full year, the company expects $0.79 per share on revenue of $2.41 billion.