Cheniere Energy Partners Q2 Profit Surges - Quick Facts

(RTTNews) - Cheniere Energy Partners LP (CQP) reported a surge in profit for the second quarter from last year on higher revenues. Earnings per unit matched analysts' expectations, while revenues missed their estimates.

The company's second-quarter net income surged to $281 million from $46 million in the year-ago period. Net income per common unit was $0.55, compared to loss per unit of $3.71 last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

The increase in net income was primarily due to increased income from operations as a result of additional natural gas liquefaction trains in operation at the SPL Project, partially offset by increased interest expense.

Adjusted EBITDA was $562 million, up from $283 million in the same period last year, reflecting increased income from operations.

Revenues for the quarter grew to $1.41 billion from $992 million in the prior-year quarter, primarily driven by the timing of completion of Trains at the SPL Project and the length of each Train's operations within the periods being compared. Analysts had a consensus revenue estimate of $1.43 billion.

The company will pay a cash distribution per common and subordinated unit of $0.56 to unitholders of record as of August 6, 2018 and the related general partner distribution on August 14, 2018.

Looking ahead to fiscal 2018, the company provided a distribution guidance of $2.20 to $2.30 per unit.