EQT Midstream Partners Q4 Profit Up - Quick Facts

(RTTNews) - EQT Midstream Partners, LP (EQM) Thursday reported fourth-quarter net income of $30.75 million, higher than $24.40 million in the prior year. Meanwhile, net income per limited partner unit declined to $0.62 from $0.63 a year ago.

Total operating revenues for the quarter grew to $50.81 million from $41.79 million a year ago.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per unit, and revenues of $49.96 million for the quarter. Analysts' estimates typically exclude special items.

The company noted that first six months of 2013 and full-year 2012 have been recast to include historical results of Sunrise Pipeline, LLC, which was merged into the Partnership on July 22, 2013.

The Partnership announced a quarterly cash distribution of $0.46 per unit, up 31% from the fourth quarter 2012. The distribution will be paid on February 14, 2014 to all unitholders of record at the close of business on February 4, 2014.

The Partnership forecast first quarter 2014 adjusted EBITDA to be $36 - $39 million and reiterated its full-year 2014 outlook for adjusted EBITDA of $170 - $175 million and distributable cash flow of $148 - $153 million.

The Partnership expects to maintain a $0.03 per unit quarterly distribution increase through at least 2014.