Spectra Energy Corp Earnings: Four Quarter Streak of Profits Broken

S&P 500 (NYSE:SPY) component Spectra Energy Corp (NYSE:SE) reported its results for the first quarter. Spectra Energy Corp. through its subsidiaries and equity affiliates, owns and operates natural gas-related energy assets.

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Spectra Energy Earnings Cheat Sheet for the First Quarter

Results: Net income for the oil and gas company fell to $357 million (55 cents/share) vs. $358 million (55 cents/share) a year earlier. A decline of 0.3% from the year earlier quarter.

Revenue: Rose 8.9% to $1.61 billion YoY.

Actual vs. Wall St. Expectations: SE reported adjusted net income of of 54 cents/share. By that measure, the company beat the mean estimate of 52 cents/share. Estimates ranged from 45 cents per share to 57 cents per share.

Quoting Management: “We are off to a great start for the year, delivering earnings ahead of our expectations. Our fee-based businesses continue to perform well, benefiting from expansion projects recently placed into service and a strong winter performance. We also benefited from a stronger Canadian dollar and favorable natural gas liquids prices – trends that we have seen continue into the second quarter,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp. “With our diversified portfolio of assets, businesses and market positions – and our successful capital expansion program – we are positioned for ongoing earnings growth and to deliver on our financial, safety and operational goals,” he said.

Key Stats:

Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the fourth quarter of the last fiscal year, net income rose 46.1% from the year earlier while the figure increased 3.1% in third quarter of the last fiscal year, 24.3% four quarters ago and 20.1% five quarters earlier.

Competitors to Watch: Southern Union Company (NYSE:SUG), El Paso Corporation (NYSE:EP), Spectra Energy Partners, LP (NYSE:SEP), Sempra Energy (NYSE:SRE), Enterprise Products Partners L.P. (NYSE:EPD), Duncan Energy Partners L.P. (NYSE:DEP), Kinder Morgan Energy Partners LP (NYSE:KMP), DCP Midstream Partners, LP (NYSE:DPM), Copano Energy, L.L.C. (NASDAQ:CPNO), and TC Pipelines, LP (NASDAQ:TCLP)

Stock Performance: Shares of SE closed down 2.37% from the previous closing price of $28.71.

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