UPDATE: Boardwalk Pipeline Reports 16% Drop In Q4 Earnings

Boardwalk Pipeline Partners LP

reported a 16% decline in its fourth-quarter earnings. Boardwalk Pipeline's quarterly profit fell to $74.6 million, or $0.36 per unit, from $88.9 million, or $0.45 per unit, in the year-ago period. Its revenue dropped 1.7% to $296.9 million. However, analysts were expecting earnings of $0.41 per share on revenue of $315 million. Boardwalk Pipeline's operating margin declined to 38.8% from 42.2%. Boardwalk Pipeline's shares closed at $27.55 on Friday.