Spectra Energy Partners LP (SEP) reported first-quarter net income of $55.9 million or $0.45 per limited partner unit, compared to $52.4 million or $0.48 per unit last year. Distributions per limited partner unit were $0.50125, compared to $0.48 per unit for the first quarter 2012. The company said the increases in both net income and cash available for distribution were the result of the October 31, 2012 acquisition of a 38.76 percent interest in Maritimes & Northeast Pipeline, L.L.C.
Operating revenues decreased to $60.9 million from $61.9 million last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report profit of $0.42 per unit for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $60.33 million for the quarter.
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