Targa Resources Partners LP Reports 62% Retreat In Q3 Profit

(RTTNews) - Targa Resources Partners LP (NGLS) revealed earnings for third quarter that retreated compared to the same period last year.

The company said its earnings declined to $48.5 million, or $0.02 per share. This was down from $128.3 million, or $0.78 per share, in last year's third quarter.

Analysts had expected the company to earn $0.10 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 28.8% to $1.63 billion. This was down from $2.29 billion last year.

Targa Resources Partners LP earnings at a glance:

-Earnings (Q3): $48.5 Mln. vs. $128.3 Mln. last year. -Earnings Decline (Y-o-Y): -62.2% -EPS (Q3): $0.02 vs. $0.78 last year. -EPS Decline (Y-o-Y): -97.4% -Analysts Estimate: $0.10 -Revenue (Q3): $1.63 Bln vs. $2.29 Bln last year. -Revenue Change (Y-o-Y): -28.8%