Targa Resources Partners Q1 Profit Up - Quick Facts

(RTTNews) - Targa Resources Partners LP (NGLS) and Targa Resources Corp. (TRGP) reported first quarter 2014 results. First quarter 2014 net income attributable to Targa Resources Partners was $122.4 million compared to $38.9 million for the first quarter of 2013. Net income attributable to limited partners was $88.6 million, up from $16.1 million last year. Net income per limited partner unit was $0.78 compared to $0.16 in the prior year.

Targa Resources Partners' quarterly revenues grew to $2.353 billion from $1.398 billion in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share and revenues of $2.21 billion for the quarter. Analysts' estimates typically exclude special items.

Targa Resources Corp., the parent of Targa Resources Partners, today reported its first quarter 2014 results. The Company, which as of March 31, 2014 owned a 2% general partner interest in the Partnership (held through its 100% ownership interest in the general partner of the Partnership), all of the IDRs and 12,945,659 common units of the Partnership, presents its results consolidated with those of the Partnership.

Targa Resources Corp reported net income available to common shareholders of $19.6 million for the first quarter 2014 compared with a $13.4 million for the first quarter 2013. The net income per diluted common share was $0.47 in the first quarter of 2014 compared to $0.32 for the first quarter of 2013.