UPDATE: Boardwalk Pipeline Posts Surge In Q2 Earnings
Boardwalk Pipeline Partners LP (NYSE: BWP) reported a surge in its second-quarter earnings.
Its quarterly profit climbed to $65.1 million, or $0.30 per unit, versus $15.2 million, or $0.07 per unit, in the year-ago period.
Its revenue climbed 5.3% to $275.8 million. However, analysts were expecting earnings of $0.25 per unit on revenue of $281 million.
Boardwalk Pipeline's operating margin climbed to 39.3% from 20.8%.
Its revenue from gas transportation rose 0.3% to $245 million, while gas storage revenue surged 62%.
Boardwalk Pipeline shares closed at $29.00 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.