Quarterly / Earnings Reports | Capital Markets | Private Equity Activity
Targa's Q1 Income Takes Big Hit
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Targa Resources Partners LP and Targa Resources Corp. reported first quarter 2013 results. First quarter 2013 net income attributable to Targa Resources Partners was $38.9 million compared to $70.1 million for the first quarter of 2012.
Net income per diluted limited partner unit was $0.16 in the first quarter of 2013 compared to $0.63 for the first quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items of $132.2 million for the first quarter of 2013 compared to $145.4 million for the first quarter of 2012.
The Partnership's distributable cash flow for the first quarter 2013 of $85.5 million corresponds to distribution coverage of approximately 0.9 times the $95.7 million in total distributions to be paid on…
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