Spectra Energy 1Q profit up 7 percent

HOUSTON (AP) -- Spectra Energy Partners LP said on Friday that its first-quarter net income rose 7 percent after it added a minority interest in a pipeline.

Spectra Energy's profit beat analyst expectations.

Net income was $55.9 million for the quarter that ended March 31, from $52.4 million a year ago. Net income per limited partner unit fell, though, because there were more of them. It was 45 cents per unit in the most recent quarter, down from 48 cents a year earlier. The cash distributed to each limited partner unit still rose, to 50.125 cents, from 48 cents a year earlier.

Analysts surveyed by FactSet had been expecting a profit of 42 cents per unit.

Revenue fell almost 2 percent to $60.9 million, from $61.9 million a year earlier, but matched analyst expectations.

Spectra bought almost 39 percent of Maritimes & Northeast Pipeline LLC on Oct. 31, boosting its profit in the most recent quarter, the company said.