Friday, oil and gas pipelines company Enbridge Energy Partners, L.P. (EEP) reported a decline in fourth quarter profit with lower operating income primarily in its natural gas segment. The company also declared a cash distribution of $0.99 per unit payable February 12.
Enbridge Energy's fourth quarter net income allocable to Limited Partners dropped to $59.4 million or $0.50 per unit from $107.3 million or $1.04 per unit in the prior year quarter.
Net income for the quarter was $73.3 million or $0.50 per unit compared to $121.9 million or $1.04 per unit in the year-ago period.
On an adjusted basis, net income was $89.4 million or $0.64 per unit, up from $82.8 million or $0.67 per share in same quarter last year.
On an average, twelve analyts polled by Thomson Reuters expected the company to earn $0.64 per share for the quarter. Analysts' estimates typically exclude one-time items.
Adjusted results excludes the impact of non-cash, mark-to-market, gains and losses, resulting from changes in the fair value of certain of the Partnership's derivative instruments that do not qualify for hedge accounting treatment. Results also excludes expired joint tariff revenues recognized during the first and fourth quarters that affected the Partnership's liquids operations, a non-cash impairment charge related to the non-core natural gas pipeline assets that were sold in November 2009 and net income attributable to the noncontrolling interest in the Partnership's Alberta Clipper pipeline project.
The Houston, Texas-based company's opearting revenue for the quarter dropped to $1.6 billion from $1.8 billion in the comparable quarter last year. Analyts had a consensus revenue estimate of $1.41 billion for the fourth quarter.
Operating income decreased to $129.3 million from $176.7 million in the prior year quarter.
In the recent quarter operating income for the Liquids segment increased to $122.3 million from $95.4 million, while natural gas segment dropped to $4.7 million from $69.5 million in the same quarter last year. Operating income for the marketing segment was $4.5 million, down from $14.2 million a year ago. Corporate segment operating loss was $2.2 million, compared to $2.4 million in the year-ago period.
The company also declared a distribution of $0.99 per share to shareholders payable February 12, of record on February 5. The distribution will be paid in the form of additional shares of Enbridge Energy Management valued at the average closing price of the shares for the 10 trading days prior to the ex-dividend date on February 3.
For the full year, net income allocable to Limited Partners was $260.8 million or $ 2.24 per unit, down from $ 353.5 million or $3.64 per unit last year. Net income was $316.6 million or $2.24 per unit, compared to $403.2 million or $3.64 per unit in the prior year.
Adjusted net income for the fiscal year 2009 rose to $377.1 million or $2.75 per unit from $355.3 million or $3.15 per unit in the prior year period. Operating revenue plunged to $5.7 billion from $9.8 billion last year.
Analysts expected the company to earn $2.75 per share on revenue of $5.55 billion for the full year.
EEP closed Friday's regular trading session at $51.93, down $0.96 or 1.82%, on a volume of 0.27 million shares on the NYSE.
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