- Kinder Morgan's (KMI) Q3 earnings rose 43% driven by continued strong growth at its Kinder Morgan Partners (KMP) affiliate, while El Paso Pipeline Partners (EPB) posted a 6.6% earnings decline.
- KMP, which holds the majority of KMI assets, reported its profit soared 70% on sharply higher earnings at its natural gas pipelines segment; excluding gains from asset sales, prior-year fair value impacts and other items, adjusted earnings fell to $0.51 from $0.57 while revenues rose 31% to $3.28B.
- KMP's quarterly distribution rose to $1.35/unit, above consensus for $1.34/unit, as distributable cash flow rose 22% Y/Y to $544M; its full-year distribution outlook remains unchanged at $5.33.
- KMP +0.7% AH.
Kinder Morgan Partners reports higher quarterly profit, distribution
Oct 16 2013, 17:22 ET