Midcoast Energy Partners Q1 Profit Declines Despite Revenue Rises

(RTTNews) - Midcoast Energy Partners, L.P. (MEP) reported that its first quarter net income attributable to limited partners declined to $0.4 million or $0.01 per share from $11.8 million or $0.44 per share in the prior year.

Adjusted net loss for the quarter was $0.9 million or $0.02 per share, compared to a profit of $32.0 million or $0.46 per share a year ago.

However, operating revenue for the quarter rose to $1.65 billion from $1.37 billion in the previous year quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.11 per share on revenues of $1.25 billion for the quarter. Analysts' estimates typically exclude special items.

The company declared cash distribution of $0.3125 per unit, which is payable on May 15, 2014 to unitholders of record on May 8, 2014.