Energy Transfer Gets 2022 Off to a Great Start
Context is crucial when reviewing Energy Transfer's (NYSE: ET) first-quarter results. At first glance, it looked like the master limited partnership (MLP) took a significant step back from the prior-year period. However, that's due entirely to the non-recurring favorable impact of Winter Storm Uri last year. When seen in this light, it's clear that the company is off to an excellent start to the year.
Energy Transfer generated more than $5 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in last-year's first quarter. That makes the $3.34 billion of adjusted EBITDA it produced in the first quarter of 2022 look light in comparison. However, after excluding the positive impact of Winter Storm Uri on its 2021 results, Energy Transfer's adjusted EBITDA would have increased, versus the year-ago period.
Image source: Getty Images.
Source Fool.com
