Post by
TeamCommonSense on Nov 07, 2024 12:47pm
BMO analyst update
First Glance: Q3/24 Above, Positive Tone on 2024 Guide and Lower Capex Expected Bottom Line: TRP reported Q3/24 adj. EPS of $1.03, ahead $0.97 consensus and our $0.95 on lower income tax expense, and supported by strong adj. EBITDA results ($2,791M vs. $2,747M consensus and our $2,777M estimate). Management noted it is tracking to upper end of 2024 EBITDA guidance, $31B secured backlog unchanged, and 2024 net capex now $7.4-7.7B (vs. lower-end $8-8.5B). Net, expect a slight positive share price reaction.