Spectra Energy Partners LP, a natural-gas partnership, said Wednesday its first-quarter profit rose 17 percent on higher demand for transportation and storage services.
For the quarter ended March 31, Spectra earned $22.5 million, or 33 cents per limited partner unit, compared with $19.2 million in the 2007 quarter.
The partnership did not provide per-share figures because its initial public offering closed on July 2. Year-ago results were part of Spectra Energy Corp., which spun assets off into the partnership this year.
Revenue rose 6.1 percent to $28 million from $26.4 million in the year-ago period.
The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 28 cents per unit on $26.3 million in revenue.
Spectra attributed the increase in profit to higher demand for transportation and storage services, along with lower income taxes, which were partially offset by public company costs.
Spectra shares rose 5 cents to $24.22 in morning trading.
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