PVR Partners L.P.
) reported fourth-quarter 2013 adjusted earnings of 3 cents per
unit, missing the Zacks Consensus Estimate by 70%. The
partnership posted break-even result in the year-ago quarter.
Improvement in earnings was primarily due to higher top line and
an increase in average daily natural gas throughput volumes.
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On a GAAP basis, the partnership's quarterly loss per unit was 16
cents versus a loss of 7 cents a year ago.
In fourth-quarter 2013, PVR Partners posted total revenues of
$0.29 billion, surpassing the Zacks Consensus Estimate by 5.3%.
The top line also increased 8.2% year over year primarily due to
higher natural gas liquids ("NGL") sales and increases in
gathering and trunkline fees.
For 2013, the partnership's total operating revenues were $1.1
billion, surpassing the Zacks Consensus Estimate by 1.4%.
Reported revenues increased 10.9% from the prior-year figure.
In the fourth quarter of 2013, PVR Partners'
segments' sales increased 48.1% and 3.3% year over year,
respectively. This was partially offset by a 12.9% year-over-year
Coal and Natural Resource Management
In the quarter under review, PVR Partners' total expenses climbed
5.4% year over year to $267.3 million, primarily due to a rise in
cost of gas purchased, general and administrative expenses and
Quarterly operating income was $24.4 million, up 51.6% from the
prior-year figure of $16.1 million.
PVR Partners' adjusted earnings before interest, tax,
depreciation and amortization ("EBITDA") surged 21.5% year over
year to $82.4 million.
The partnership's average daily natural gas throughput volumes
increased 42.9% year over year to 2.0 billion cubic feet per day
("Bcfd"), mainly on the back of steady growth at the gathering
and trunkline systems and completion of organic projects.
In the quarter, coal royalty volume was 6.1 million tons, down
7.7% year over year primarily due to lower contribution from
Central and Northern Appalachia, and Illinois Basin.
PVR Partners' cash and cash equivalents as of Dec 31, 2013, were
$7.3 million, down from $14.7 million as of Dec 31, 2012
primarily due to payment of debt.
For 2013, the partnership's net cash flow from operating
activities was $203.4 million, higher than $145.3 million in the
year-ago comparable period.
Other Company Releases
) reported fourth-quarter 2013 operating earnings of 27 cents per
common limited partner unit, beating the Zacks Consensus Estimate
Despite beating the revenue projection, PVR Partners' bottom line
again missed the Zacks Consensus Estimate like last quarter
mainly due to a rise in total expenses and units outstanding.
We appreciate PVR Partners' steady effort towards expansion of
its midstream operations. In 2013, the partnership spent $338.4
million, including $286.2 million allotted in the Eastern
Midstream division. We believe improvement and expansion of
operations will enable the partnership to serve more upstream
In addition, PVR Partners steady cash distribution payment record
will help to retain investors' attention on the stock.
PVR Partners currently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the same sector include
DCP Midstream Partners LP
American Midstream Partners, LP
), each with a Zacks Rank #2 (Buy).