Spectra Energy Corp Earnings: Snaps Cold Streak with Profit Growth
S&P 500 (NYSE:SPY) component Spectra Energy Corp (NYSE:SE) reported its results for the second quarter. Spectra Energy, through its subsidiaries and equity affiliates, owns and operates natural gas-related energy assets.
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Spectra Energy Corp Earnings Cheat Sheet
Results: Net income for Spectra Energy Corp rose to $46.9 million (42 cents per share) vs. $37.6 million (36 cents per share) in the same quarter a year earlier. This marks a rise of 24.7% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Spectra Energy Corp fell short of the mean analyst estimate of 53 cents per share.
Quoting Management: “This was another good quarter for Spectra Energy Partners, demonstrating that our partnership continues to deliver consistent, reliable results,” said Julie Dill, president and chief executive officer. “And we continue to add value for our unitholders with our 19th consecutive quarterly increase in cash distributions.”
The company has now come in under analyst forecasts for three quarters in a row. It missed the mark by 6 cents in the first quarter and by one cent in the fourth quarter of the last fiscal year.
Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the third quarter is 40 cents per share, dropping from 42 cents a month ago. For the fiscal year, the average estimate has moved down from $1.91 a share to $1.88 over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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