Why Units of Genesis Energy Are Tumbling Today
Units of Genesis Energy (NYSE: GEL) had slumped more than 11% by 2:30 p.m. EST on Wednesday. Weighing on the MLP's value was its outlook for the coming year.
Genesis Energy generated $167.6 million of adjusted EBITDA during the fourth quarter. While that was 21% below the year-ago level, CEO Grant Sims noted in a press release that its "diversified businesses in total performed slightly better than our expectations" for the quarter. Because of that, he said, it "ended the year toward the high-end of our revised annual guidance for Adjusted EBITDA." Furthermore, the MLP produced enough cash to cover its 12.4%-yielding distribution by 1.3 times.
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Source Fool.com
