UPDATE: Spectra Energy Q3 Profit Down 30%

Spectra Energy

reported a 30% drop in its third-quarter profit. Spectra's quarterly profit fell to $179 million, or $0.27 per share, from $254 million, or $0.39 per share, in the year-ago period. Its operating revenue dropped 4.5% to $1.07 billion. However, analysts were expecting earnings of $0.31 per share on revenue of $1.16 billion. Spectra Energy shares closed at $28.87 yesterday.