EQT Midstream Partners Q1 Profit Rises - Quick Facts

(RTTNews) - EQT Midstream Partners, LP (EQM) Thursday reported first-quarter limited partner interest in net income of $33.13 million or $0.69 per unit, up from $23.57 million or $0.68 per unit in the previous year.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per unit for the quarter. Analysts' estimates typically exclude special items.

The company noted that first quarter of 2013 has been recast to include historical results of Sunrise Pipeline, LLC, which was merged into the Partnership on July 22, 2013.

Total operating revenues for the quarter climbed to $62.57 million from $44.37 million a year ago. Analysts estimated revenues of $52.10 million for the quarter.

Looking ahead to the second quarter, the Partnership forecast adjusted EBITDA to be in the range of $44 million to $45 million.

The company raised adjusted EBITDA guidance for 2014 to be between $186 million and $188 million, and increased distributable cash flow guidance to between $164 million and $166 million.

The firm announced a quarterly cash distribution of $0.49 per unit, up 32% from last year. The distribution will be paid on May 15, 2014 to all unitholders of record on May 6, 2014.

It also forecast $0.03 quarterly cash distribution per unit increases through at least 2015, without additional dropdowns from EQT.