Enbridge Energy Partners 4Q Earnings Come in 20 Percent Higher on Stronger Liquids Performance
Pipeline owner Enbridge Energy Partners LP said Friday fourth-quarter profit rose 20 percent, as stronger earnings at its liquids division offset weakness in its natural gas unit.
Quarterly earnings after allocations to the general partner grew to $51.7 million from $43.1 million in the prior-year period. Net income per partnership unit fell to 67 cents from 68 cents per unit, as the number of units increased.
Excluding mark-to-market gains and losses, the partnership said net income per unit rose to 52 cents per share from 48 cents in the prior-year quarter.
Wall Street, on average, expected a quarterly profit of 65 cents per unit, according to an analyst poll by Thomson Financial.
Revenue slipped to $1.66 billion from $2.08 billion, but still surpassed analysts’ projections of $1.45 billion.
During the quarter, Enbridge Partners said adjusted operating income at its liquids unit grew to $50.9 million from $36.5 million in the prior-year quarter, aided by stronger results at its Lakehead crude oil pipeline.
Adjusted operating income at its natural gas unit fell to $23.5 million from $25.5 million.
For the full year, Enbridge Partners reported net income after allocations to the general partner grew to $262.3 million, or $3.74 per unit, from $65.7 million, or $1.06 per unit, in the prior year.
Enbridge Partners fell 15 cents to close at $52.21 on the New York Stock Exchange.
Source: AP via biz.yahoo.com