Boardwalk Pipeline Partners Q3 Profit Matches Estimates; Revenue Down 1%

(RTTNews) - Boardwalk Pipeline Partners, LP, (BWP) reported third-quarter net income per common unit of $0.27 compared to $0.19, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.27 for the quarter. Analysts' estimates typically exclude special items. Third-quarter net income was $69.8 million for the quarter, a 48% increase from $47.3 million, prior year.

The company noted that compared with the third quarter of 2016, the Partnership's third quarter of 2017 results were favorably impacted by revenues from recently completed growth projects, partly offset by decreases in storage and parking and lending revenues, and lower operating expenses driven by lower employee-related costs.

Third-quarter operating revenues were $300.5 million, a 1% decrease from $303.3 million, last year. Excluding items, operating revenues were $291.5 million for the quarter, a 3% increase from $284.2 million, prior year. Analysts expected revenue of $321.88 million, for the quarter.

Boardwalk Pipeline Partners, LP also announced that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on November 16, 2017, to unitholders of record as of November 9, 2017.