Spectra Energy Q3 Profit Down - Quick Facts

(RTTNews) - Spectra Energy Corp (SE) reported third quarter 2014 net income from controlling interests of $201 million, or $0.30 per share, down from with $263 million or $0.39 per share in third quarter 2013.

Ongoing net income was $209 million, or $0.31 per share, compared with $283 million, or $0.42 per share during the prior-year quarter.

For the quarter, reported earnings before interest, taxes, depreciation and amortization (EBITDA) were $692 million, compared with $735 million in the prior-year quarter. Growth from ongoing capital expansion programs at Spectra Energy Partners (SEP) and DCP Midstream were more than offset by a lower Canadian dollar, larger drop-downs to DCP Midstream Partners (DPM) from DCP Midstream, lower gains from unit issuances by DPM and higher plant turnaround costs in Western Canada.

Operating revenues for the quarter grew to $1.207 billion from $1.144 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $1.26 billion for the quarter. Analysts' estimates typically exclude special items.

Separately, Spectra Energy Partners, LP (SEP) announced that the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.57625 per unit, an increase of one cent over the previous level of $0.56625 per unit. The cash distribution is payable on November 26, 2014, to unitholders of record at the close of business on November 17, 2014. This quarterly cash distribution equates to $2.305 per unit on an annual basis.