THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Spectra Energy Partners 1Q profit rises on higher demand

Email|Print|Single Page| Text size – +
May 7, 2008

HOUSTON—Spectra Energy Partners LP, a natural-gas partnership, said Wednesday its first-quarter profit rose 17 percent on higher demand for transportation and storage services.

For the quarter ended March 31, Spectra earned $22.5 million, or 33 cents per limited partner unit, compared with $19.2 million in the 2007 quarter.

The partnership did not provide per-share figures because its initial public offering closed on July 2. Year-ago results were part of Spectra Energy Corp., which spun assets off into the partnership this year.

Revenue rose 6.1 percent to $28 million from $26.4 million in the year-ago period.

The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 28 cents per unit on $26.3 million in revenue.

Spectra attributed the increase in profit to higher demand for transportation and storage services, along with lower income taxes, which were partially offset by public company costs.

Spectra shares rose 5 cents to $24.22 in morning trading.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

more stories like this

  • Email
  • Email
  • Print
  • Print
  • Single page
  • Single page
  • Reprints
  • Reprints
  • Share
  • Share
  • Comment
  • Comment
 
  • Share on DiggShare on Digg
  • Tag with Del.icio.us Save this article
  • powered by Del.icio.us
Your Name Your e-mail address (for return address purposes) E-mail address of recipients (separate multiple addresses with commas) Name and both e-mail fields are required.
Message (optional)
Disclaimer: Boston.com does not share this information or keep it permanently, as it is for the sole purpose of sending this one time e-mail.