Spectra Energy Corp. Beats on Top and Bottom Line

The natural gas utility maintains growth while expanding networks.

May 7, 2014 at 12:36PM

Spectra Energy (NYSE:SE) reported Q1 2014 earnings today, beating on both its top and bottom lines.

Operating revenues for Q1 2014 clocked in at $1.84 billion, a smooth $20 million above analyst estimates and $250 million above last year's first-quarter sales. As sales soared, Spectra Energy managed to hang on to more of its earnings, as well. Adjusted earnings per share (EPS) came in at $0.62, a full $0.11 above analysts' predictions and Q1 2013's earnings.

"Our results both financially and operationally exceeded our expectations in the first quarter 2014. New assets in our portfolio, increased winter demand on our system and higher commodity prices all helped to deliver an excellent quarter, and importantly, a strong start to the full year," said Spectra Energy CEO Greg Ebel in today's press release. "This past winter was a real test for our system, and we reliably met our customer demands throughout the season. The high utilization rates of our pipeline and storage facilities further demonstrate the value of our assets and underscore the need for continued growth of our footprint -- all of which directly translates into significant value for our customers and investors."

The corporation's master limited partnership (MLP) Spectra Energy Partners (NYSE:SEP) especially benefited from this year's cold weather. Its natural gas pipelines performed "extremely well," said the company, with its Texas Eastern pipeline hitting peak days 24 times as its recent New Jersey and New York expansion pushed demand higher.

Overall, Spectra Energy Partners, LP recorded Q1 EBITDA (earnings before interest, taxes, depreciation, and amortization) of $429 million, up from Q1 2013's $347 million.

Justin Loiseau has no position in any stocks mentioned. The Motley Fool recommends Spectra Energy. Try any of our Foolish newsletter services free for 30 days. 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.

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