Atlas Pipeline Partners Posts Q2 Profit

(RTTNews) - Atlas Pipeline Partners, L.P. (APL) recognized net income of $60.5 million for the second quarter of 2014, compared to net income of $10.1 million for the prior year's second quarter.

Net income was higher for second quarter 2014 compared to the prior year's second quarter, mainly due to a $48.5 million gain recognized on the sale of the Partnership's subsidiaries that held a 20% interest in West Texas LPG Pipeline Limited Partnership.

Net income attributable to common limited partners and the General Partner was $32.1 million or $0.27 per limited partner unit for the second quarter, compared to a net loss attributable to common limited partners and the General Partner of $3.8 million or $0.11 per limited partner unit in the prior year quarter

Total revenue for the second quarter rose to $713.96 million from $560.94 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of 0.04 per share per unit on revenue of $671.75 million for second quarter.