Kinder Morgan Energy Partners Q1 Profit Meets Estimate

(RTTNews) - Kinder Morgan Energy Partners, L.P. (KMP) reported attributable net income for the first quarter of $746 million, compared to $783 million for the year-ago quarter.

Limited Partners' interest in net income attributable to Kinder Morgan Energy Partners for the first quarter was $299 million or $0.67 per unit, compared to $364 million or $0.97 per unit in the prior year quarter.

Limited Partners' interest in net income before certain items was $327 million or $0.73 per unit, compared to $247 million or $0.66 per unit in the first quarter of last year.

Revenue for the first quarter rose to $3.65 billion from $2.66 billion a year ago.

Analysts polled by Thomson Reuters expected the partnership to earn $0.73 per unit on revenue of $3.41 billion for the first quarter. Analysts' estimates typically exclude special items.

Kinder Morgan Energy Partners increased its quarterly cash distribution per unit to $1.38 payable on May 15 to unitholders of record as of April 30. This represents a 6% increase over the first quarter 2013 cash distribution per unit of $1.30 and is up from $1.36 per unit for the fourth quarter of 2013.

KMP expects to declare cash distributions of at least $5.58 per unit for 2014.