SemGroup Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reaffirms Earnings Guidance for the Full Year of Fiscal 2017
SemGroup Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company announced revenues were $456,100,000 compared to $314,851,000 for the same period a year ago. Operating income was $23,457,000 compared to $32,324,000 for the same period a year ago. Loss from continuing operations before income taxes was $10,182,000 compared to $26,298,000 for the same period a year ago. Loss from continuing operations was $10,277,000 compared to $4,891,000 for the same period a year ago. Net loss attributable to the company was $10,277,000 compared to $13,913,000 for the same period a year ago. Net loss per common share, basic and diluted was $0.16 compared to $0.32 for the same period a year ago. EBITDA was $28,284,000 compared to $15,328,000 for the same period a year ago. Adjusted EBITDA was $60,667,000 compared to $77,676,000 for the same period a year ago. The net loss in first quarter 2017 was primarily due to a $19.9 million charge related to the refinancing of bonds.
The company is reaffirming its previously announced 2017 guidance of between $270 million and $310 million in adjusted EBITDA. Management expects to deploy approximately $500 million of capital expenditures in 2017, which includes $60 million of maintenance projects.