Boardwalk Pipeline Q3 Misses on Revenues and Net; Distribution Declared

By Eric Volkman – Oct 28, 2013 at 4:24PM

NYSE: BWP

Boardwalk Pipeline Partners

Top and bottom lines rise, but not as much as analysts had expected.

Units of Boardwalk Pipeline Partners (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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Fool contributor Eric Volkman has no position in Boardwalk Pipeline Partners. Nor does The Motley Fool. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.