Southern Union's first-quarter profit rises 5.6 percent

HOUSTON—Southern Union Co.'s first-quarter net income rose 5.6 percent on higher revenue from the interstate natural gas pipeline company's gathering and processing segment.

Net income for the three months ended March 31 climbed to $78.6 million, or 64 cents per share, compared with $74.4 million, or 62 cents per share, in the year-earlier period, the company said late Thursday.

Analysts polled by Thomson Financial expected, on average, earnings per share of 61 cents.

Excluding one-time gains from the prior year's quarter, including a litigation gain, adjusted earnings per share were 53 cents in the first quarter of 2007.

Revenue jumped to $610.2 million from $483.1 million. Analysts expected revenue of $830.9 million.

Results benefited from higher contributions from its gathering and processing and transportation and storage segments, the company said.