Spectra Energy 3rd-quarter profit rises on acquisitions, expansion projects
Associated Press
11/06/09 1:40 PM EST
HOUSTON — Spectra Energy Partners LP, which operates natural gas transmission and storage facilities, said Friday its profit rose in the third quarter due to acquisitions and expansion projects.
The company said it earned $40.4 million, or 48 cents per unit, compared with $24.3 million, or 34 cents per unit, in the same quarter a year ago.
Analysts expected profit of 43 cents per share, according to a Thomson Reuters survey.
Acquisitions helped push revenue to $49.8 million from $29.5 in the same period last year. Analysts forecast $45.2 million in revenue.
The company attributed the increased earnings to the recent acquisitions of Ozark Gas Transmission and Ozark Gas Gathering plus income from expansion projects in other businesses.
Spectra shares added 5 cents to $26.30 in afternoon trading.
