Plains All American Pipeline LP (PAA)

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Plains All American Pipeline and Plains GP Holdings Q3 Results Beat Projections, Launches $500 Million Buyback Program
6:14 AM ET, 11/03/2020 - MT Newswires

06:14 AM EST, 11/03/2020 (MT Newswires) -- Plains All American Pipeline, L.P (PAA) and Plains GP Holdings (PAGP) said Monday that it booked Q3 adjusted EPS of $0.46 compared with $0.52 in the previous year period.

Analysts surveyed by Capital IQ were expecting adjusted EPS of $0.32.

Revenue amounted to $5.83 billion, which is down from $7.89 billion a year ago. Wall Street was looking for revenue of $5.64 billion.

Both companies expect a 3% increase to the 2020 adjusted EBITDA guidance to $2.59 billion. For the 2021 year, adjusted EBITDA of $2.2 billion is expected as well as free cash flow after distributions of approximately $300 million, or $900 million or more when including the benefit of proceeds from additional asset sales anticipated next year.

The company also announced that the board has approved a $500 million common equity repurchase program.

Price: 6.50, Change: +0.25, Percent Change: +4.00