Enbridge Energy Partners LP (Enbridge Energy Partners LP) Operating Income : $1,033 Mil (TTM As of Sep. 2018)

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What is Enbridge Energy Partners LP Operating Income?

Enbridge Energy Partners LP's Operating Income for the three months ended in Sep. 2018 was $252 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2018 was $1,033 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Enbridge Energy Partners LP's Operating Income for the three months ended in Sep. 2018 was $252 Mil. Enbridge Energy Partners LP's Revenue for the three months ended in Sep. 2018 was $560 Mil. Therefore, Enbridge Energy Partners LP's Operating Margin % for the quarter that ended in Sep. 2018 was 45.00%.

Enbridge Energy Partners LP's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Enbridge Energy Partners LP's annualized ROC % for the quarter that ended in Sep. 2018 was 6.59%. Enbridge Energy Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 was 7.73%.

Enbridge Energy Partners LP Operating Income Historical Data

The historical data trend for Enbridge Energy Partners LP's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Enbridge Energy Partners LP Operating Income Chart

Enbridge Energy Partners LP Annual Data

Trend

Dec08

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Dec17

Operating Income

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440.40

1,102.30

1,027.00

1,238.00

1,047.00

Enbridge Energy Partners LP Quarterly Data
	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18
Operating Income	Get a 7-Day Free Trial															272.00	236.00	288.00	257.00	252.00

Enbridge Energy Partners LP Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2018 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,033 Mil.

Enbridge Energy Partners LP (NYSE:EEP) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Enbridge Energy Partners LP's annualized ROC % for the quarter that ended in Sep. 2018 is calculated as:

	ROC % (Q: Sep. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2018 )	+	Invested Capital (Q: Sep. 2018 ))	/ count )
=	1008 * ( 1 - 0.48% )	/	( (15163	+	15280)	/ 2 )
=	1003.1616	/	15221.5
=	6.59 %

where

	Invested Capital		(Q: Jun. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	14835	-	407	-	( 9	-	max(0, 1024	-	289	+	9	))
=	15163

	Invested Capital		(Q: Sep. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	14950	-	429	-	( 15	-	max(0, 1045	-	286	+	15	))
=	15280

Note: The Operating Income data used here is four times the quarterly (Sep. 2018) data.

2. Joel Greenblatt's definition of Return on Capital:

Enbridge Energy Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2018 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2018		Q: Sep. 2018
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1008	/	( ( (12978 + max(-342, 0))	+	(13104 + max(-345, 0)) )	/	2 )
=	1008	/	( ( 12978	+	13104 )	/	2 )
=	1008	/	13041
=	7.73 %

where Working Capital is:

	Working Capital		(Q: Jun. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(52	+	0	+	30)	-	(407	+	0	+	17)
=	-342

	Working Capital		(Q: Sep. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(76	+	0	+	24)	-	(429	+	0	+	16)
=	-345

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2018) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Enbridge Energy Partners LP's Operating Margin % for the quarter that ended in Sep. 2018 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2018 )	/	Revenue (Q: Sep. 2018 )
	=	252	/	560
	=	45.00 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Enbridge Energy Partners LP Operating Income Related Terms

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Enbridge Energy Partners LP (Enbridge Energy Partners LP) Business Description

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GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Enbridge Energy Partners LP (NYSE:EEP) » Definitions » Operating Income

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Address

Website

http://www.enbridgepartners.com

Enbridge Energy Partners is a master limited partnership, formed by its general partner, Enbridge Inc. The company operates crude oil pipelines in the United States. Its crude oil infrastructure is highlighted by the Lakehead system, the U.S. portion of the Canadian Mainline pipeline system.

Executives

Dan Allen Westbrook	director	5400 WESTHEIMER COURT, HOUSTON TX 77056
James Herbert England	director	15687 VILLORESI WAY, NAPLES FL 34110
Stephen J Neyland	director, officer: Vice President	5400 WESTHEIMER COURT, HOUSTON TX 77056
Mark A. Maki	director, officer: President	425 - 1ST STREET S.W., CALGARY A0 T2P 3L8
William S Waldheim	director	304 MARINA VIEW CT., LAKEWAY TX 78734
Laura Buss Sayavedra	director	5400 WESTHEIMER COURT, HOUSTON TX 77056
Allen C Capps	officer: Controller	5400 WESTHEIMER COURT, HOUSTON TX 77056-5310
Cynthia L Hansen	officer: Sr.VP-Liquids Pipelines, Ops	500 CONSUMERS ROAD, NORTH YORK A6 M2J 1P8
John K Whelen	director	425 - 1ST STREET SW, CALGARY A0 T2P 3L8
D Guy Jarvis	director, officer: Exec Vice Pres.-Liquids PL	3000, 425 - 1ST STREET SW, CALGARY A0 T2P 3L8
C Gregory Harper	director	185 INTERNATIONAL DRIVE, PORTSMOUTH NH 03801
Rebecca B Roberts	director	1000 LOUISIANA, SUITE 5800, HOUSTON TX 77002
George K Petty	director, other: Reitred Director-ret.w/n 6 mos	1317 HANOVER PLACE, SAN LUIS OBISPO CA 93401
Byron C Neiles	officer: Vice President -Major Projects	3000, 425 1ST STREET SW, CALGARY A0 T2P 3L8
Letwin Stephen J J	director, officer: Managing Director	HESS MIDSTREAM PARTNERS LP, 1185 AVENUE OF THE AMERICAS, NEW YORK NY 10036