Kinder Morgan 4Q profit rises |
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Thu, 18 Jan 2007 07:24
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HOUSTON (AFX) - Pipeline operator Kinder Morgan Inc. said Wednesday its fourth-quarter profit grew 26 percent, aided by its acquisition of a Canadian natural gas utility last year.Quarterly net income rose to $227.2 million, or $1.68 per share, from $180.2 million, or $1.42 per share, in the prior-year period. Excluding special items and the pending sale of its U.S. retail business, Kinder Morgan reported quarterly income from continuing operations of $1.46 per share. Total operating revenue during the quarter surged to $2.95 billion from $558 million.Wall Street, on average, had been expecting a quarterly profit of $1.42 per share, according to a Thomson Financial analyst poll.Helping the recent quarter's results was the acquisition of Terasen Gas, the largest natural gas utility in the Canadian province of British Columbia, in late 2005. Kinder Morgan reported segment earnings from Terasen jumped to $100.2 million in the recent fourth quarter from $45.2 million in the prior year's.For the full year, Kinder Morgan's overall earnings grew to $722.3 million, or $5.35 per share, from $554.6 million, or $4.45 per share, in the prior year.Kinder Morgan also said it will pay a quarterly dividend of 87.5 cents on Feb. 14 to shareholders of record on Jan. 31.Kinder Morgan shares fell a penny to close at $106.08 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 This material may not be published, broadcast, rewritten, or redistributed.
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