BOSTON (Thomson Financial) - Teppco Partners L.P. Monday said fourth-quarter
net income fell to $45.6 million, or 42 cents a unit, from $56.6 million, or 53
cents a unit, a year earlier.
The mean earnings estimate of analysts polled by Thomson Financial was 50
cents a unit.
Teppco said the latest fourth quarter was hurt by expenses for environmental
reserves of about $2.4 million, acceleration of depreciation expense of about
$1.2 million, the early retirement of senior notes of about $1.1 million, and
higher maintenance expenses. The period includes higher transportation revenues
of $10.4 million, or 10 cents a unit. The year-earlier fourth quarter included a
gain of $6 million, or 6 cents a unit, on the sale of assets.
Revenue for the Houston-based operator of common carrier pipelines of
refined products and liquefied petroleum gases rose to $3.05 billion from $2.08
billion a year earlier. Analysts, on average, estimated revenue of $2.42
billion.
Separately, Teppco Partners said it entered into the marine transportation
business with the acquisition of assets from Houma, La.-based Cenac Towing Inc.
and Cenac Offshore LLC for total consideration of about $500 million.
Shares closed Friday at $38.44.
Casey Logan
cl/jw
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