Natural gas and oil pipeline company Spectra Energy Corp.'s (SE) first-quarter net income from controlling interests improved to $340 million, from $333 million, in the prior-year quarter. On a per share basis, earnings for the recent quarter remained flat at $0.51. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.48 for the quarter. Analysts' estimates typically exclude one-time items.
For the three-month period, operating revenues were $1.59 billion, up from last year's $1.54 billion, and beat consensus estimates of $1.55 billion for the quarter.
Currently, the company is executing on more than $6 billion of expansion projects. In the U.S., the NJ-NY Expansion Project is over 70 percent complete and is on track to enter service in late 2013.
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