Research Alert: Et: A Slight Q1 Miss, But Raised Guidance
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ET posted Q1 earnings per unit of $0.35 vs. $0.37 consensus, missing by $0.02 primarily due to higher interest expenses rather than operational weakness. Despite the earnings miss, adjusted EBITDA rose 20% to $4.94B and distributable cash flow increased 17% to $2.70B, led by robust volume growth across segments. The partnership achieved multiple volume records including NGL terminal volumes (+19%), NGL exports (+19%), and crude oil transportation (+8%), with the NGL segment generating $1.16B EBITDA (+19%). Management raised 2026 adjusted EBITDA guidance to $18.2B-$18.6B from $17.45B-$17.85B, representing a $550M increase at the midpoint. Growth capital expenditures are expected to reach $5.5B-$5.9B, with emerging demand drivers from data centers and power generation supporting future growth, including the approved $600M Springerville Lateral Project and agreements to serve new power plant loads delivering ~300 MMcf/d of gas supply.