Williams Partners Profit Falls

(RTTNews) - Williams Partners L.P. (WPZ) Wednesday reported third-quarter net earnings of $217 million or $0.07 per unit compared with $284 million or $0.52 per unit last year.

Analysts polled by Thomson Reuters estimated earnings of $0.39 per unit for the quarter. Analysts' estimates typically exclude special items.

The company said the quarter was hurt by $28 million lower natural gas liquids margins and $24 million in higher net interest expense, partly offset by a $35 million increase in fee-based revenues for the 2014 quarter.

Meanwhile the prior year included the receipt of $50 million of related insurance recoveries.

Looking ahead, the company expects strong results in the fourth quarter and 2015. The company plans to place several major projects into service, including the expanded Geismar plant, the Gulfstar One facility and the Keathley Canyon Connector pipeline. All three of these large-scale projects are mechanically complete and are expected to generate nearly $1 billion in 2015 cash flows, it said.