Earnings Roundup: Enbridge Energy Partners LP (NYSE: EEP)
Friday, July 23, 2021 6:01 PM

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Enbridge Energy Partners LP (NYSE: EEP) late Friday reported higher second-quarter profit, helped by strong performance in its liquids segment and continued cost cutting efforts. Net income rose to $140.0 million or $1.02 per share, from $117.5 million or 88 cents per share in the prior-year quarter. On an adjusted basis, net income rose to $120.1 million or 85 cents per share, from $100.6 million or 74 cents per share in the year-earlier period. Operating revenue grew to $1.75 billion from $1.30 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 71 cents per share on revenue of $1.61 billion. In addition, the company boosted its full year earnings guidance to a range between $410 million and $430 million. 

"The Partnership's record earnings for the second quarter were primarily driven by strong performance in our Liquids segment and the continued benefits of our cost containment measures implemented in 2009. As a result of strong year-to-date results and our confidence in the continued strength of both our Liquids and Natural Gas segments we are increasing our full year earnings guidance to a range between $410 million and $430 million," said Terrance L. McGill, president of the Partnership's management company and of its general partner.

Shares of the company rose 1.69% to $59.05 in after-hours trading.


Disclosure: Author doesn’t own any of the stocks discussed here.
 

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