Enbridge Energy Partners 4Q Earnings Come in 20 Percent Higher on Stronger Liquids Performance

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

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