Boardwalk Pipeline Reports Q4 Results (BWP)

Boardwalk Pipeline Partners LP (NYSE: BWP), earlier today, reported an increase in its fourth-quarter earnings, driven by higher operating revenues. The company’s earnings for the quarter came in-line with Street estimates.

Key Points

• Boardwalk’s operating revenue for the quarter rose 8%
• The company’s net income for the quarter climbed 26%
• Boardwalk Pipeline also declared a quarterly cash distribution

For the quarter ended December 31, 2012, Boardwalk reported net income of $90.1 million, compared to $71.6 million reported for the same period in the previous year. On a per unit basis, the Houston, Texas-based company reported net income of $0.38 per share, up from $0.36 per share reported for the same period in the previous year. Analysts surveyed by Thomson Reuters were expecting the company to report earnings of $0.38 per share.

Boardwalk’s total operating revenue for the quarter was $325.7 million, compared to $301 million reported for the same period in the previous year. The increase was driven by $25.6 million of revenue generated from BWP’s recent acquisitions, Boardwalk Louisiana Midstream LLC and Boardwalk HP Storage Company LLC.

For the full year 2012, Boardwalk Pipeline’s operating revenue was $1.185 billion, up 4% over 2011. The company’s net income for 2012 was $306 million, compared to $217 million reported in 2011.

Boardwalk Pipeline also announced a quarterly cash distribution of $0.5325 per common unit. The dividend will be payable on February 28, 2013. Unitholders of record on February 21, 2013 will be entitled to receive the quarterly cash distribution.

BWP shares were inactive in pre-market trading today. On Friday, the stock had finished flat at $27.47. Year-to-date, BWP shares are up 10.32%.

About Boardwalk Pipeline Partners LP

Boardwalk Pipeline Partners LP is the owner and operator of three interstate natural gas pipeline systems including integrated storage facilities.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.