Brief: CSI Compressco Announces Q4 2018 Guidance Update

CSI Compressco LP

20/12/2018 23:31

Dec 20 (Reuters) - Csi Compressco Lp  CCLP.O :
    * ANNOUNCES FOURTH QUARTER 2018 GUIDANCE UPDATE, PROVIDES
2019
GUIDANCE AND TEMPORARILY REDUCES DISTRIBUTION TO CASH REDEEM
SERIES A PREFERRED UNITS
    * SEES FY 2019 REVENUE $490 MILLION TO $520 MILLION
    * Q4 2018 NET LOSS IS EXPECTED TO BE BETWEEN $3.5 MILLION
AND $4.5
MILLION
    * CSI COMPRESSCO - INTENDS TO REDUCE QUARTERLY COMMON UNIT
DISTRIBUTIONS FROM $0.1875 PER UNIT TO $0.01 PER UNIT FOR A
PERIOD OF UP TO FOUR QUARTERS
    * INTENDS TO USE ABOUT $34 MILLION OF REDUCED DISTRIBUTIONS
TO
REDEEM REMAINING SERIES A PREFERRED UNITS FOR CASH
    * ORDERS FOR NEW EQUIPMENT REMAIN STRONG
    * SINCE END OF Q3, NEW ORDERS RECEIVED ARE $12 MILLION
    * AFTERMARKET SERVICES ACTIVITY ALSO REMAINS STRONG
    * SEES 2019 EARNINGS TO BE BETWEEN A NET LOSS OF $3.9
MILLION AND
NET INCOME OF $7.0 MILLION
    * SEES 2019 ADJUSTED EBITDA TO BE BETWEEN $125 MILLION AND
$140
MILLION, REFLECTING $140 MILLION BACKLOG AS OF SEPTEMBER 30,
2018
    * FY2019 REVENUE VIEW $464.5 MILLION -- REFINITIV IBES DATA

Source text for Eikon:  ID:nPn35q9r9a 
Further company coverage:  CCLP.O 

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