New contracts boost Boardwalk Pipeline Partners 1Q profit

HOUSTON—Natural gas transmission and storage company Boardwalk Pipeline Partners LP said Monday its first-quarter earnings rose 10 percent on sales from new gas transportation contracts, higher rates and a one-time settlement gain.

The company earned $88.1 million, or 60 cents per unit, compared with $80.2 million, or 61 cents per unit in the year-ago quarter. The 2008 period included a $11.2 million gain from a contract settlement.

The company had 90.7 million units outstanding in the 2008 first quarter, and an average of 76 million outstanding in the 2007 period.

Revenue rose 5 percent to $197.3 million from $188.1 million a year earlier.

Analysts expected profit of 58 cents per unit on revenue of $198.9 million, according to a poll by Thomson Financial.

The company said higher gas transportation sales from new contracts associated with a pipeline expansion project and higher rates helped results.