Boardwalk Pipeline Partners Q1 Profit Rises - Quick Facts

(RTTNews) - Boardwalk Pipeline Partners, LP, (BWP) reported first-quarter net income of $119.3 million, an 18% increase from $101.0 million in the comparable 2016 period; net income per common unit was $0.47 compared to $0.40. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.40 for the quarter. Analysts' estimates typically exclude special items. EBITDA was $246.2 million, an 11% increase from $222.7 million in the comparable 2016 period.

First-quarter operating revenues were $367.0 million, a 6% increase from $345.0 million in the comparable 2016 period. Analysts expected revenue of $353.63 million for the quarter. Operating revenues, less fuel and transportation expense, were $347.8 million, a 7% increase from $324.7 million in the comparable 2016 period. The Partnership's operating revenues in the first quarter of 2017 were favorably impacted by recently completed growth projects and an increase in the Partnership's parking and lending and storage revenues from improved market conditions.

Boardwalk Pipeline Partners also announced it has declared a quarterly cash distribution per common unit of $0.10 payable on May 18, 2017, to unitholders of record as of May 11, 2017.