Wednesday, Kinder Morgan Energy Partners L.P. (KMP) reported fourth-quarter net income attributable to KMP of $343.8 million or $0.34 per unit, compared to $266.1 million or $0.19 per unit in the same quarter last year.
Distributable cash flow before certain items for the quarter was $341.8 million or $1.17 per unit, up from $211.0 million or $0.81 per unit in the year ago quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.49 per unit for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $1.91 billion from $2.29 billion in the comparable quarter last year. Analysts expected the company to report revenue of $1.87 billion for the quarter.
The company also declared a cash distribution $1.05 per common unit payable on February 12, 2010, to unitholders of record as of January 29, 2010.
Further KMP expects to declare cash distributions of $4.40 per unit for 2010, a 4.8% increase over the $4.20 per unit it distributed in 2009.
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