Kinder Morgan Energy 4Q profit rises |
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Thu, 18 Jan 2007 07:24
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HOUSTON (AFX) - Pipeline operator Kinder Morgan Energy Partners LP said Wednesday its fourth-quarter profit more than doubled, aided by insurance recoveries associated with hurricanes Rita and Katrina and other special items.Quarterly net income rose to $254.6 million, or 59 cents per limited partnership unit. A year earlier, the partnership reported quarterly net income of $121.4 million, but a loss of 2 cents per partnership unit after deducting the general partner's interest in net income.Excluding hurricane insurance recoveries and other special items, the partnership said it earned 55 cents per unit, down from 59 cents in the prior year's quarter. Revenue fell to $2.09 billion from $3.06 billion in the prior-year quarter.Wall Street, on average, had been expecting a profit of 52 cents per unit on revenue of $2.87 billion, according to an analyst poll by Thomson Financial.For the full year, Kinder Morgan Energy Partners said earnings rose to $972.1 million, or $2.04 per unit, from $812.2 million, or $1.58 per unit, in the prior year.Kinder Morgan Energy Partners, a subsidiary of Kinder Morgan Inc., owns or operates more than 27,000 miles of pipelines and about 145 terminals.Shares of Kinder Morgan Energy dropped 16 cents to $48.28 in after-hours trading. They closed the regular session down 4 cents at $48.44 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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