UPDATE: Spectra Energy Q4 Profit Tops Estimates

reported stronger-than-expected earnings for the fourth quarter. The Houston, Texas-based company reported a quarterly profit of $316 million, or $0.47 per share, versus a year-ago profit of $236 million, or $0.35 per share. Its revenue climbed 2.2% to $1.6 billion. However, analysts were expecting earnings of $0.33 per share on revenue of $1.59 billion. Earnings before interest, taxes, depreciation and amortization rose to $810 million from $787 million, while ongoing EBITDA gained to $810 million from $798 million. Distributable cash flow for the quarter rose to $316 million from $315 million. Spectra Energy Partners posted EBITDA of $444 million, compared to $368 million, in the year-ago period. Spectra Energy Western Canada Transmission & Processing business posted EBITDA of $250 million, compared to $215 million. Distribution business reported EBITDA of $132 million, down from $156 million. As of December 31, 2014, total debt outstanding at Spectra Energy was $14.7 billion. "Spectra Energy delivered strong results in 2014 marked by ongoing execution and steady development of new projects, safe and reliable operations, EBITDA growth and attractive dividend increases for our investors," said Greg Ebel, president and chief executive officer, Spectra Energy. "We're pleased with our performance for the quarter, our ability to withstand the commodity volatility late in the year, and our business portfolio's ability to consistently deliver in various economic and commodity cycles while also executing on the growth opportunities that drive our future earnings and cash flows." Spectra Energy shares gained 2.25% to close at $34.94 yesterday.