HOUSTON—Spectra Energy Corp., which transports, processes and stores natural gas, said Tuesday its first-quarter profit jumped 56 percent on higher commodity prices and a strong Canadian dollar.
The results easily beat Wall Street's expectations and shares surged in premarket trading.
Net income for the three months ended March 31 rose to $367 million, or 58 cents per share, compared with $236 million, or 37 cents per share, in the year-earlier quarter.
Analysts polled by Thomson Financial expected, on average, earnings per share of 47 cents.
Revenue climbed to $1.6 billion from $1.4 billion; analysts expected $1.5 billion.
The company's Western Canada Transmission & Processing segment reported earnings before interest and taxes of $131 million, compared with $74 million in the first quarter of 2007. The increase stemmed mostly from a strong Canadian dollar and higher natural gas liquids prices.
Shares rose $1.73, or 6.7 percent, to $27.58 in premarket trading.
