Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Spectra Energy Corp. Q4 Profit Down, But Above Consensus

RELATED NEWS
Trade SE now with 
2/5/2013 9:45 AM ET

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
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
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.