Boardwalk Pipeline Partners Q1 Profit Down - Quick Facts

(RTTNews) - Boardwalk Pipeline Partners, LP (BWP) reported that net income attributable to controlling interests for the first quarter ended March 31, 2015 was $77.7 million, a 29% decrease from $110.2 million in the comparable 2014 period. Net income per unit declined to $0.31 from $0.44 last year.

Total Operating revenues were $329.7 million, an 8% decrease from $356.9 million in the comparable 2014 period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share and revenues of $331.97 million for the quarter. Analysts' estimates typically exclude special items.

Compared with the first quarter of 2014, the Partnership's transportation and storage revenues were negatively impacted by the relatively normal 2015 winter season compared to the unusually cold and sustained winter of 2014. The 2014 period results also included an impairment charge related to the terminated Bluegrass Project.

The company announced that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 21, 2015, to unitholders of record as of May 14, 2015.