Spectra Energy Partners, LP (SEP: Quote) Friday released the financial results for the first quarter ended 31 March 2012, reporting net income of $52.4 million for the quarter, higher than $48.9 million reported for the corresponding quarter last year. Net income per limited partner unit , however, declined to $0.48 from $0.50 in the year-ago quarter.
According to the company, the increase in net income and cash available for distribution reflects the addition of the Big Sandy Pipeline and East Tennessee's Northeastern Tennessee assets to the portfolio in July and September 2011, respectively. These increases were partially offset by lower revenues at Ozark.
Operating revenues for the quarter increased to $61.9 million from $51.20 million in the corresponding quarter last year.
Analysts polled by Thomson Reuters expected the company to earn $0.47 per share on revenues of $64.61 million for the quarter. Analysts' estimates typically exclude special items.
by RTT Staff Writer
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