Spectra Energy Corp (SE) posted lower second quarter net Income - Controlling Interests of $215 million or $0.33 per share versus $284 million or $0.44 per share last year.
Ongoing earnings per share dropped to $0.33 from $0.42 last year. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share. Analysts' estimates typically exclude special items.
Operating revenues declined to $1.11 billion from $1.19 billion last year. Analysts expected revenues of $1.27 billion.
"Spectra Energy's fee-based businesses performed well again this quarter, helping to offset the adverse effects of a challenging commodity price and economic environment," said Greg Ebel, president and chief executive officer, Spectra Energy Corp. "Except for the effects of low commodity prices, earnings were in line with our expectations, and we remain solidly on track to deliver at least an 8 cent increase in our annual dividend over the next several years."
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