Spectra Energy Partners, LP (SEP), an investment arm of interstate gas pipeline operator Spectra Energy Partners GP, reported Friday an increase in third-quarter profit, helped mainly by the addition of Ozark Gas Transmission and Ozark Gas Gathering earnings and earnings growth from expansion projects across the other businesses. On a per share basis, earnings came in above the Street view by five cents. For the third quarter, net income rose to $40.4 million or $0.48 per limited partner unit, or LPU, from $24.3 million or $0.34 per LPU in the previous year.
On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share in the third quarter. Analysts' estimate typically excludes special items.
Spectra Energy Partners recorded operating income of $26.1 million, up from $10.3 million, due to the addition of the Ozark assets in May 2009 and the contribution from the East Tennessee Natural Gas expansion projects put into service in the fourth quarter of 2008.
Operating revenues for the quarter surged to $49.8 million from $29.5 million. Five analysts were expecting revenue of $45.22 million in the third quarter.
For the nine-month, net income advanced to $102.5 million or $1.32 per LPU from $75.9 million or $1.05 per LPU in the previous year. Revenues grew to $126.7 million from $91.7 million in the same period in fiscal 2008.
SEP closed Thursday's regular trading hours at $26.25 on the NYSE.
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