Spectra Energy Partners Q4 Profit Down - Quick Facts

(RTTNews) - Spectra Energy Partners, LP (SEP) reported that its net income from controlling interests for the fourth quarter 2014 declined to $283 million, from $540 million in the fourth quarter 2013.

Excluding a special item related to the elimination of deferred income tax liabilities associated with the November 2013 dropdown, ongoing net income from controlling interests was $283 million for the fourth quarter 2014 compared with $187 million in the fourth quarter 2013.

Operating revenues for the quarter grew to $599 million from $520 million in the prior year. Analysts polled by Thomson Reuters expected the company to report revenues of $605.39 million for the quarter. Analysts' estimates typically exclude special items.

The company announced that the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.58875 per unit, an increase of 1.25 cents over the previous level of $0.57625 per unit. This is the 29th consecutive quarter that Spectra Energy Partners has increased its quarterly cash distribution. Notably, the 1.25 cent increase exceeds recent quarterly increases of one cent. The cash distribution is payable on February 27, 2015, to unitholders of record at the close of business on February 13, 2015. This quarterly cash distribution equates to $2.355 per unit on an annual basis.