Atlas Pipeline Results Top Estimate

(RTTNews) - Atlas Pipeline Partners L.P. (APL) Monday reported third-quarter net earnings of $20 million or $0.13 per unit compared with a loss of $47.5 million or $0.66 per unit last year.

Revenues for the quarter were $761 million compared with $557.9 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.01 per unit on revenues of $731.6 million for the quarter. Analysts' estimates typically exclude special items.

Net income was higher mainly due to a $23 million increase in gross margin driven by 14% processed volume growth across all of the Partnership's operating areas and a $48.7 million increase in the valuation of the Partnership's risk management portfolio.

On October 13, the Partnership agreed to be acquired by Targa Resources Partners L.P. (NGLS) in a transaction valuing the Partnership at $7.7 billion, including debt and an about $1.9 billion acquisition of its general partner interests by Targa Resources Corp (TRGP).