Plains All American Pipeline Q4 Profit Rises

(RTTNews) - Plains All American Pipeline L.P. (PAA) Wednesday reported a 26 percent increase in profit for the fourth quarter, as lower operating costs helped the company to offset revenue decline.

Net income attributable to Plains All American Pipeline for the fourth quarter rose to $389 million from $309 million last year.

Houston, Texas-based Plains All American's fourth-quarter profit attributable to limited partners rose to $253 million or $0.67 per share from $203 million or $0.58 per share last year.

Adjusted earnings for the quarter dropped to $0.60 per limited partner unit from $0.76 per limited partner unit last year. On average, 15 analysts polled by Thomson Reuters estimated earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $9.46 billion from $10.63 billion last year. Analysts estimated revenues of $11.44 billion for the quarter.

For full year 2015, Plains All American Pipeline now expects the midpoint of its adjusted earnings before interest, taxes, depreciation and amortization to be $2.35 billion, compared to prior estimate of just over $2.5 billion.