Monday, natural gas mid-stream transporter Energy Transfer Equity L.P. (ETE) reported a rise in its third-quarter net income, mainly driven by higher revenues.
For the third quarter, the company's net income climbed to $105.38 million from $51.88 million in the previous year.
Limited partners' interest in net income for the recent quarter grew to $105.05 million from $51.71 million in the year-ago quarter. Earnings per limited partner unit improved to $0.47 from $0.23 last year.
Quarterly revenues surged up to $2.21 billion from $1.63 billion in the same quarter last year. Analysts anticipated revenues of $2.90 billion for the quarter.
For the recent quarter, natural gas operations division generated revenues of $1.94 billion, higher than $1.42 billion in the prior year. Revenue from the retail propane division rose to $238.83 million from $161.15 million in the comparable period a year ago.
For the first nine months, Energy Transfer Equity's net income jumped to $352.48 million from $288.32 million in the previous year.
Limited partners' interest in net income for the recent period was up to $351.39 million from $287.42 million in the year-ago period. Earnings per limited partner unit increased to $1.57 from last year's $1.30.
Nine-month revenues soared to $7.5 billion from $5.40 billion in the same period a year earlier.
ETE closed Monday's session at $19.16, down $0.01 or 0.05%, on a volume of 353K shares.
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