Spectra Energy Partners LP on Aug. 2 reported second-quarter 2017 ongoing net income from controlling interests of $357 million, or 84 cents per unit, rising from $293 million, or 73 cents per unit, in the year-ago quarter.
The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 72 cents.
Second-quarter net income from controlling interests amounted to $328 million, or 75 cents per unit, showing year-over-year growth over $287 million, or 71 cents per unit, in the corresponding quarter last year.
Ongoing EBITDA climbed to $548 million, from $448 million in the prior-year period, while ongoing distributable cash flow increased to $371 million, from $281 million in the prior-year period.
The partnership said their business performance for the quarter was in line with expectations. "Spectra Energy Partners achieved another solid quarter thanks to the reliability and strength of our fee-based business model with no direct commodity exposure and virtually no volume exposure, and further enhanced by the successful execution of our expansion program," said Chairman and President Bill Yardley.
Spectra also increased its quarterly cash distribution by 1.25 cents quarter over quarter to 71.375 cents per unit, or $2.855 per unit on an annualized basis. The distribution is payable on Aug. 29 to unit holders of record at the close of business on Aug. 15.
Enbridge Energy Partners LP in a separate earnings release reported second-quarter net income of $92.6 million, or 21 cents per unit, climbing from $83.7 million, or 8 cents per unit, in the year-ago quarter.
The S&P Capital IQ consensus GAAP EPS estimate for the second quarter was 21 cents.
The partnership attributed the increase to decreased losses from discontinued operations, which included reduced operating and administrative costs.
"With the gas business removed, we're excited about the return to EEP's core business of liquids pipelines," said Mark Maki, president of Enbridge Energy Partners. "The 'utility like' value proposition offered by the partnership is expected to provide our investors with stable and predictable results from some of North America's most strategic liquids pipeline infrastructure."