Boardwalk Pipeline Q2 Earnings Down - Quick Facts

(RTTNews) - Natural gas pipeline company Boardwalk Pipeline Partners, LP (BWP), a subsidiary of Loews Corp. (L), Monday reported second-quarter earnings which declined, amid weak revenue growth and a significant gain on asset sale last year.

Net earnings declined to $57.4 million or $0.23 per unit, from $70.5 million or $0.28 per unit a year earlier. Prior-year results included a $17 million gain on sale of storage base gas.

On average, twelve analysts polled by Thomson-Reuters estimated the company's earnings to be $0.15 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA totaled $167.1 million, compared with $178.5 million in the same period last year.

Revenues increased by 2 percent to $293.4 million, from $288.7 million last year, above the $261.09 million Wall Street expected.

The board recommended a quarterly cash distribution of $0.10 per common unit, payable on August 21 to unitholders of record on August 14.