Spectra Energy Partners Q1 Profit Rises - Quick Facts

(RTTNews) - Spectra Energy Partners, LP (SEP) said that net income from controlling interests for the first quarter 2014 rose to $242 million, from $181 million in the first quarter 2013.

Excluding a special item of $23 million related to the adjustment of the elimination of deferred income tax liabilities in connection with the 2013 asset dropdowns, ongoing net income from controlling interests was $265 million for the first quarter 2014.

Quarterly distributable cash flow was $324 million, compared with $73 million in the prior-year quarter. Distributions per limited partner unit for first quarter 2014 were $0.55625, compared with $0.50125 per limited partner unit in 2013.

For the quarter, reported and ongoing earnings before interest, taxes, depreciation and amortization (EBITDA) was $413 million, compared with $341 million in the prior-year quarter.

Operating revenues for the quarter was $581 million, higher than last year's $459 million.

Analysts polled by Thomson Reuters expected the company to report revenues of $ 594.18 million for the quarter. Analysts' estimates typically exclude special items.