HOUSTON (AP) -- Boardwalk Pipeline Partners LP reported Monday that its fourth-quarter net income increased 26 percent, helped by revenue from recent acquisitions.
The Houston-based natural gas distributor earned $90.1 million, or 38 cents per common unit, for the quarter that ended Dec. 31. That's up from $71.6 million, or 36 cents per common unit, a year earlier.
Boardwalk's operating revenue increased 8 percent to $325.7 million from $301 million, driven largely by additional revenue from the company's acquisition of Boardwalk Louisiana Midstream LLC and Boardwalk HP Storage Company LLC.
Analysts polled by FactSet were expecting the company to earn 39 cents per share on revenue of $335.2 million for the period.
Also on Monday, the company declared a cash distribution per unit of 53.25 cents. It will be paid Feb. 28 to unit holders of record as of Feb. 21.
Shares fell 8 cents to $27.39 by late afternoon, in line with broader market trends. The company's shares remain at the higher end of its 52-week trading range of $23.55 to $29.16.