Monday, Energy Transfer Partners, L.P. (ETP), reported a decline in its second-quarter profit, hurt by a sharp fall in revenues.
The Dallas, Texas-based company reported net income available to the limited partners for the second quarter of $63.56 million or $0.38 per limited partner unit, compared to $165.67 million or $0.60 per limited partner unit in the year-ago quarter.
On average, thirteen analysts polled by Thomson Reuters expected the company to earn $0.57 per limited partner unit for the quarter. Analysts' estimates typically excludes special items.
Total revenues for the quarter declined to $1.15 billion from $2.65 billion in the prior-year quarter. Seven analysts had a revenue consensus of $2.17 billion for the quarter.
In the sequentially preceding first quarter, profit of Energy Transfer Partners declined to $216.88 million or $1.37 per limited partner unit, down from $253.97 million or $1.77 per limited partner unit in the corresponding quarter last year. Revenues for the first quarter plunged to $1.63 billion from from $2.64 billion last year.
For the second quarter, natural gas operations totaled $948.23 million, down from $2.38 billion in the comparable quarter last year. Revenue from retail propane also fell to $179.77 million from $249.45 million in the year-earlier quarter.
Operating income was $219.22 million, compared to $225.83 million in the prior-year quarter.
Total costs and expenses dropped to $932.60 million fro $2.43 billion in the comparable quarter a year ago.
For the six-month period, the company's net income available to the limited partners declined to $280.44 million or $1.72 per limited partner unit from $340.66 million or $2.38 per limited partner unit in the same period last year.
Total revenues for the first half of fiscal 2009 fell to $2.78 billion from $5.29 billion in the similar period of 2008.
ETP closed Monday's regular trading at $44.08, up $0.30 or 0.69%, on a volume of about 552,523 shares. However, the stock lost $0.32 or 0.73%, and traded at $43.76 in the after hours.
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