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Boardwalk Pipeline Q3 Misses on Revenues and Net; Distribution Declared

Units of Boardwalk Pipeline Partners  (NYSE: BWP  ) sagged in trading following the release of the partnership's Q3 results. For the quarter, revenues were $275.5 million, which improved on the $270.6 million in the same period the previous year. Attributable net income came in at $62.3 million ($0.21 per diluted unit) against Q3 2012's $58.2 million ($0.26).

Analysts, however, had been expecting revenue of $307.5 million, and EPS of $0.26.  

Boardwalk Pipeline also declared its latest quarterly distribution. The partnership will pay $0.5325 per common unit on Nov. 14 to holders of record as of Nov. 7.  That annualizes to $2.13 per unit, which yields just under 7% at the current unit price. 

Following the announcement of the results, the company's units are down by 2.2%, or $0.69, to $30.56 apiece.  


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