Spectra Energy Q3 Profit Increases

(RTTNews) - Spectra Energy Corp. (SE) reported a growth in third quarter net income to $281 million from $243 million in the previous year. Net income for the controlling interests were $195 million, up from $174 million in the comparable last year. Earnings per share were $0.28, compared to $0.26 in the previous year.

On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.26 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $1.075 billion, from $1.103 billion in the prior year. Street estimates were $1.14 billion.

Separately, Spectra Energy Partners LP (SEP) announced third quarter net income to $296 million, down from $331 million in the prior year. Net income from controlling interests were $275 million or $0.64 per share compared to $321 million last year.

Street analysts expected the company to earn $0.8 per share.

Revenue for the quarter increased to $628 million from $612 million in the previous year. Wall Street expects $665.42 million.