Spectra Energy Partners Q3 Profit Rises - Quick Facts

(RTTNews) - Spectra Energy Partners, LP (SEP) reported that its third quarter 2013 net income from controlling interests increased to $59.6 million from $46.1 million in the third quarter 2012. Net income per limited partner unit for the quarter grew to $0.42 from $0.40 in the prior year.

Excluding a special item of $5.8 million in transaction costs, ongoing net income from controlling interests was $65.4 million for the third quarter 2013, compared with $46.1 million in the prior-year quarter. Ongoing net income per limited partner unit was $0.47, up from $0.40 in the previous year.

Quarterly cash available for distribution was $66.3 million, compared with $56.3 million in the prior-year quarter.

The increases in both earnings and cash available for distribution were primarily the result of the August 2013 acquisition of 50 percent of the Express-Platte Pipeline System, and the October 2012 acquisition of a 38.76 percent interest of Maritimes and Northeast Pipeline, L.L.C. These increases were partially offset by $5.8 million of transaction costs related to the November 1, 2013 acquisition of Spectra Energy's remaining U.S. transportation, storage and liquids assets, as well as expected lower storage revenues at Market Hub Partners.

Operating revenues for the quarter jumped to $133.1 million from last year's $57.2 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share and revenues of $63.51 million for the quarter. Analysts' estimates typically exclude special items.