Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Spectra Energy Corp. Q4 Profit Down, But Above Consensus

RELATED NEWS
Trade SE now with 

Natural gas and oil pipeline company Spectra Energy Corp. (SE: Quote) Tuesday reported a decline in its fourth-quarter profit, hurt mainly by lower revenues. However, earnings per share topped analyst estimates by a penny.

The company also said it is targeting investments of $25 billion in capital expansion projects through the end of the decade, aimed for long-term earnings growth and attractive dividend increases for its investors.

Greg Ebel, president and chief executive officer of the company said, "Throughout 2012 Spectra Energy's fee-based businesses generated strong earnings and cash flows, helping to offset the effects of lower commodity prices."

Net income for the three-month period declined to $241 million from $312 million in the same period last year.

Net income from controlling interests totaled $213 million or $0.32 per share, down from $289 million or $0.44 per share last year.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter declined to $1.35 billion from $1.43 billion last year. Analysts expected revenues of $1.40 billion.

Separately, Spectra Energy Partners, LP (SEP: Quote), an investment arm of Spectra Energy Corp., said its fourth-quarter net income increased to $48.1 million from $42.0 million in the prior-year quarter. Net income per limited partner unit rose to $0.40 from $0.38 last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Spectra Energy Partners, through its subsidiaries, engages in the transportation of natural gas through interstate pipeline systems, and the storage of natural gas in underground facilities.

Operating revenues for the quarter grew to $59.0 million from $57.9 million in the year ago quarter. Eight analysts had consensus revenue estimate of $60.50 million for the quarter.

The company also announced its 2013 financial outlook, which includes estimated cash available for distribution of $239 million.

SE closed Monday's regular trading at $27.98 on the NYSE, while SEP ended at $34.38.

Register
To receive FREE breaking news email alerts for Spectra Energy Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks came under pressure in early trading on Friday and remained firmly in the red throughout the remainder of the trading session. With the losses on the day, the S&P 500 pulled back well off yesterday's record closing high. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border. Despite calls from some leading conservatives, the results of a new CNN/ORC International poll released Friday showed that a vast majority of Americans do not believe that President Barack Obama should be impeached and removed from office.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.