HOUSTON - Cheniere Energy Partners , L.P. (NYSE: NYSE:CQP) today reported financial results for the first quarter of 2024, surpassing analyst revenue expectations but showing a decline compared to the same period last year.
The company reported a first-quarter EPS of $1.18, which was $0.21 higher than the analyst estimate of $0.97. Revenue for the quarter was $2.3 billion, significantly exceeding the consensus estimate of $1.92 billion.
Despite beating current analyst projections, Cheniere Partners experienced a decrease in both revenue and net income compared to the first quarter of the previous year. Revenue dropped by 21% from $2.9 billion in the first quarter of 2023, and net income saw a more pronounced decrease of 65%, from $1.9 billion to $682 million. The company attributed the decline in net income primarily to an unfavorable change in the fair value of derivative instruments.
Adjusted EBITDA also saw a slight decrease of 3% from the first quarter of 2023, coming in at $1.0 billion compared to $1.026 billion. The company explained that the lower Adjusted EBITDA was mainly due to reduced total margins per MMBtu of LNG delivered.
Cheniere Partners also declared a cash distribution of $0.810 per common unit for the first quarter, scheduled for payment on May 15, 2024. The distribution is composed of a base amount of $0.775 and a variable amount of $0.035. Furthermore, the company reconfirmed its full-year 2024 distribution guidance of $3.15 to $3.35 per common unit.
In terms of operational highlights, Cheniere Partners exported 114 LNG cargoes, a slight increase from the 112 cargoes during the same period last year. The volumes of LNG exported also rose by 4%, indicating a continued demand for the company's liquefaction services.
The CEO of Cheniere Partners commented on the results, "Our performance this quarter reflects the strength and stability of our long-term contracts and our ability to navigate the dynamic energy market. We remain focused on executing our growth projects and delivering value to our unitholders."
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