Spectra Energy Partners, LP (NYSE:SEP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.44%.
Spectra Energy Partners, LP Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 14.29% to $0.36 in the quarter versus EPS of $0.42 in the year-earlier quarter.
Revenue: Decreased 3.07% to $56.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Spectra Energy Partners, LP reported adjusted EPS income of $0.36 per share. By that measure, the company missed the mean analyst estimate of $0.37. It missed the average revenue estimate of $58.35 million.
Quoting Management: “Spectra Energy Partners’ portfolio of stable, fee-based assets delivered another quarter of solid financial results. From that foundation, the addition of the Express-Platte Pipeline System allowed us to increase our quarterly distribution for the 23rd consecutive quarter,” said Julie Dill, president and chief executive officer. “Going forward, our unitholders can expect even greater distribution growth as we look forward to having our general partner, Spectra Energy Corp, drop down all their remaining US storage and transmission assets, as well as accelerating the drop down of the liquids business to Spectra Energy Partners, by year-end,” continued Dill.
Key Stats (on next page)…