UPDATE: Spectra Energy Q2 Profit Misses Street View

Spectra Energy

reported a 26% drop in its second-quarter profit. The Houston, Texas-based company posted a quarterly profit of $146 million, or $0.22 per share, versus a year-ago profit of $199 million, or $0.30 per share. Excluding certain items, ongoing earnings fell to $627 million from $647 million. Its operating revenue climbed 2.7% to $1.25 billion. However, analysts were expecting earnings of $0.29 per share on revenue of $1.29 billion. Spectra Energy Partners reported EBITDA of $374 million, up from $358 million in the year-ago period. Distribution segment's EBITDA fell to $112 million from $115 million, while Western Canada Transmission & Processing segment's EBITDA tumbled to $111 million from $157 million. Field Services reported EBITDA of $54 million, versus $46 million. Its distribution revenue climbed to $360 million from $352 million. Distributable cash flow declined to $277 million, from $248 million. Spectra Energy Partners raised its quarterly cash distribution to 56.625 cents per unit. "Spectra Energy's second quarter performance is in line with the plan we laid out early in the year and builds on the strong financial results of the first quarter," said Greg Ebel, chief executive officer, Spectra Energy. Spectra Energy shares fell 0.55% to $40.00 in pre-market trading.