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Phillips 66 Partners Has History of Surpassing Market Expectations

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Apr. 29 2015, Updated 12:25 p.m. ET

1Q15 estimates

For 1Q15, analysts are expecting Phillips 66 Partners’ (PSX) revenue to come in at $70.5 million. Earnings per share estimates have been pegged at $0.385.

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Historical performance: Revenue

From 4Q13 to 4Q14, Phillips 66 Partners’ quarterly revenue mostly surpassed market expectations. In this period, quarterly revenues increased by 109%. Sequentially, or from 3Q14 to 4Q14, revenues increased by 17.4%.

The 1Q15 revenue estimate of $70.5 million is 12.4% higher than the previous quarter’s revenue and ~36% higher than the revenue for the corresponding quarter last year.

Historical performance: Earnings per share

Jus like its revenues, PSXP’s earnings per share or EPS since 4Q13 have mostly been higher than market expectations.

From 4Q13 to  4Q14, quarterly EPS increased by 83%. Sequentially, from 3Q14 to 4Q14, EPS increased by ~19%.

The 1Q15 EPS estimate of $0.385 is 12.5% lower than the previous quarter’s EPS, but it is ~54% higher than the EPS for the corresponding quarter last year.

Background

Phillips 66 Partners (PSXP) is a master limited partnership (or MLP) formed by Phillips 66 (PSX), a downstream energy player. Similar companies that have formed MLPs include Marathon Petroleum (MPC), Valero Energy (VLO), and HollyFrontier Corp (HFC), which formed MPLX LP (MPLX), Valero Energy Partners (VLP), and Holly Energy Partners (HEP), respectively.

PSX, MPC, and VLO make up 3.1% of the iShares Global Energy ETF (IXC). PSXP makes up 0.44% of the First Trust North American Energy Infrastructure Fund (EMLP).

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