Boardwalk Pipeline Partners Q1 Results Top Estimates; Declares Dividend

(RTTNews) - Boardwalk Pipeline Partners, LP, (BWP), a unit of commercial property and casualty insurance company Loews Corp. (L), reported Monday that its first-quarter net income was $101.0 million, a 30% increase from $77.7 million last year.

Earnings per common unit were $0.40, compared to $0.31 last year. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues of $345.0 million increased 5% from $329.7 million in the comparable 2015 period. Analysts were looking for $333.34 million.

Earnings before interest, taxes, depreciation and amortization or EBITDA was $222.7 million, a 9% increase from $204.6 million last year.

The Partnership's results were favorably impacted by additional revenues from the settled Gulf South rate case, the return to service in mid-2015 of the Evangeline pipeline system and recently completed growth projects.

Further, the company said it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 19, to unitholders of record as of May 12.