Sunoco Q2 2020 Earnings Report
Key Takeaways
Sunoco LP reported a net income of $157 million for the three months ended June 30, 2020, compared to a net income of $55 million in the second quarter of 2019. Adjusted EBITDA for the quarter totaled $182 million, up from $152 million in the second quarter of 2019. The partnership expects full year 2020 adjusted EBITDA to be above $700 million.
Generated Net Income of $157 million, Adjusted EBITDA of $182 million and Distributable Cash Flow, as adjusted of $122 million
Current quarter cash coverage of 1.41 times and trailing twelve months coverage of 1.55 times with leverage of 4.07 times at the end of the second quarter
Expects full year 2020 Adjusted EBITDA to be above $700 million, ahead of original 2020 guidance
The partnership sold 1.5 billion gallons in the second quarter, down 26.3% from the second quarter of 2019.
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Forward Guidance
The Partnership expects full year 2020 adjusted EBITDA to be above $700 million. SUN maintains its previously issued guidance for 2020 growth capital expenditures of approximately $75 million, maintenance capital expenditures of $30 million and operating expenses in a range of $460 to $475 million.