El Paso Pipeline Partners 1Q profit up 67 percent

Natural gas transportation company El Paso Pipeline Partners LP said Friday its first-quarter profit jumped 67 percent due in part to recent acquisitions.

For the period ended March 31, the company posted net income of $46 million, or 40 cents per share, compared with $27.6 million, or 32 cents per share, in the year-ago period.

Operating revenue rose 18 percent to $39.7 million from $33.7 million.

Analysts polled by Thomson Reuters expected, on average, earnings of 39 cents per share on revenue of $38.6 million. Analysts typically exclude one-time items.

"In this challenging environment the stable cash flows generated by our regulated pipelines demonstrate why El Paso Pipeline Partners is positioned to deliver predictable long-term growth for our unitholders," President and Chief Executive Jim Yardley said in a statement.

The company bought a 40 percent stake in Colorado Interstate Gas and a 25 percent stake in Southern Natural Gas last September.

Shares rose 26 cents to $19.16 in afternoon trading. The stock has traded between $11.72 and $24.15 in the past 52 weeks.