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Targa Resources Corp. [TRGP] has reported a net loss of $332.6 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $4.6 billion
Based in HOUSTON, Texas, Targa Resources Corp. operates in the TRANSPORT sector.
In the first quarter of the fiscal year 2024, Targa Resources Corp. reported total revenues of $4,562.4 million, showcasing a slight increase compared to the same period in the previous year, where revenues stood at $4,520.5 million.
The cost of goods sold and operating expenses during the current quarter included product purchases and fuel costs of $3,218.0 million, up from $3,019.0 million in the prior year. Operating expenses rose to $278.0 million from $258.2 million, while depreciation and amortization expenses also saw an uptick to $340.5 million from $324.8 million. General and administrative expenses increased to $86.5 million from $82.4 million.
The income from operations for the quarter was reported at $639.4 million, down from $836.7 million in the corresponding period last year. This decrease in operational income could be attributed to higher operating expenses.
Further, the net income attributable to Targa Resources Corp. for the quarter was $275.2 million, a significant drop from $497.0 million in the previous year. This decline in net income could be primarily due to increased expenses and lower operational income.
Earnings per share also reflected these changes, with basic earnings per share at $1.23 compared to $0.03 in the prior year, and diluted earnings per share at $1.22 compared to $0.03.
While the company continues to generate substantial revenues, the increase in costs and expenses has impacted its overall profitability compared to the same period last year. Shareholders will be looking for strategies that can help improve operational efficiency and boost profitability in the upcoming quarters.
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