Summit Midstream Partners Q1 Profit Plunges - Quick Facts

(RTTNews) - Summit Midstream Partners, LP (SMLP) reported first-quarter net income attributable to the company of $3.5 million, compared to $12.8 million in the year ago quarter.

Net income attributable to limited partners for the latest first quarter was $3.1 million or $0.02 per unit, compared to $12.2 million or $0.25 per unit in the comparable quarter last year. On average, analysts polled by Thomson Reuters expected the company to earn $0.21 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $76.20 million, up from $61.98 million in the prior year. Analysts expected revenue of $67.03 million.

On April 24, 2014, the board of directors of SMLP's general partner declared a quarterly cash distribution of $0.50 per unit on all outstanding common and subordinated units. This distribution will be paid on May 15, 2014 to unitholders of record as of the close of business on May 8, 2014.