NEW YORK (Thomson Financial) - MarkWest Energy Partners L.P. Monday swung to
a fourth-quarter net loss of $20 million, or 64 cents a share, from net income
of $12.1 million, or 41 cents a share, in the same period last year.
The quarter's loss included $49.5 million and $7.6 million of one-time
non-cash costs. Excluding these items, fourth-quarter net income rose 50% to
$29.5 million from $19.7 million in the year-earlier fourth-quarter.
The mean estimate of analysts polled by Thomson Financial was for a profit
of 44 cents a share.
Fourth-quarter sales increased to $146.4 million from $137.6 million in last
year's comparable period, falling below the average estimate of three analysts
of $169 million in sales.
For fiscal 2008 MarkWest is forecasting distributable cash flow allocable to
common shareholders of $170 million to $190 million and capital expenditures
ranging from $350 million to $400 million. Maintenance capital is projected to
be between $5 million and $10 million.
Analysts, on average, expect fiscal 2008 earnings of $1.70 a share, based on
three estimates.
Shares of the Denver-based natural gas and natural gas liquids company
closed Friday at $34.50.
Melinda Peer
mp/pc
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