Spectra Energy Q2 Net Profit Down - Quick Facts

(RTTNews) - Spectra Energy Corp. (SE), that owns and operates natural gas-related energy assets, reported lower second-quarter 2014 net income from controlling interests of $146 million, or $0.22 per share, compared with $199 million, or $0.30 per share, in the year-ago quarter.

For the quarter, reported earnings before interest, taxes, depreciation and amortization or EBITDA totaled $627 million, down compared with $647 million, last year.

Operating revenues for the tri-monthly period were $1.25 billion, versus the prior-year level of $1.22 billion.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share and revenues of $1.29 billion for the quarter. Analysts' estimates typically exclude special items.

"Spectra Energy's second quarter performance is in line with the plan we laid out early in the year and builds on the strong financial results of the first quarter," said Greg Ebel, chief executive officer, Spectra Energy. He added, "In the quarter, our planned turnarounds added to maintenance costs and reduced revenues. Even with this and a weaker Canadian dollar, we realized strong growth in our distributable cash flow and remain positioned to exceed our 2014 expectations."