Enterprise Products Partners Q4 Profit Increases - Quick Facts

(RTTNews) - Enterprise Products Partners L.P. (EPD) said that net income attributable to limited partners for the fourth quarter of 2013 was $698.9 million or $0.75 per unit up from $615.5 million or $0.68 per unit in the fourth quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items. Net income for the fourth quarter of 2013 included non-cash charges aggregating $44 million, or a loss of $0.05 per unit for impairments of certain assets.

Net income for the fourth quarter of 2013 was $706 million versus $617 million for the fourth quarter of 2012.

Distributable cash flow, non-GAAP, was 1.021 billion, up from $885.9 million last year.

Revenues for the quarter grew to $13.10 billion from $11.07 billion in the prior year quarter. Nine analysts had consensus revenue estimate of $13.10 billion for the quarter.

"In 2014, we expect continuing volume and gross operating margin growth from our NGL pipelines and fractionators; crude oil pipelines and storage facilities; and LPG and refined product export terminals as these projects begin operations and volumes increase. We do not expect material improvement in our natural gas processing business in 2014 compared to 2013 due to the continuation of low prices and reduced recoveries for ethane as a result of U.S. ethane supplies that exceed demand; however, we believe ethane demand will continue to grow for the remainder of this decade as the U.S. petrochemical industry modifies existing facilities and completes construction of new plants as well as the development of international demand," said Michael Creel, chief executive officer of Enterprise's general partner.