Boardwalk Pipeline Partners Q3 Profit Rises - Quick Facts

(RTTNews) - Boardwalk Pipeline Partners LP (BWP) reported that its third-quarter of 2013 net income attributable to controlling interests increased to $62.3 million from last year's $58.2 million. But net income per unit for the quarter declined to $0.21 from $0.26 in the prior year.

Operating revenues for the quarter were $275.5 million up from $270.6 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $304.84 million for the quarter. Analysts' estimates typically exclude special items.

Compared with the third quarter of 2012, operating revenues increased $4.9 million, operating expenses increased $3.2 million and adjusted EBITDA increased $9.9 million in the third quarter of 2013, including the results of Boardwalk Louisiana Midstream, LLC, which was acquired in October 2012.

In addition to the impacts of Louisiana Midstream, the Partnership's operating revenues were partially offset by lower transportation revenues of $13.0 million primarily due to contract renewals and unfavorable market conditions.

Parking and lending and storage revenues were lower by $2.9 million due to decreased parking opportunities from a reduction in the level of, and volatility in, natural gas price spreads between time periods. Operating costs and expenses were also impacted by a $12.5 million gain recognized on the sale of storage gas, which was sold as a result of a change in the storage gas needed to support no-notice services.

In addition, the company announced that it has declared a quarterly cash distribution per common unit of $0.5325 ($2.13 annualized) payable on November 14, 2013, to unitholders of record as of November 7, 2013.