6:09AM Enterprise Products beats by $0.06, misses on revs (EPD) 52.71 : Reports Q3 (Sep) earnings of $0.66 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.60; revenues fell 7.6% year/year to $10.47 bln vs the $11.22 bln consensus.
Net income for the third quarter of 2012 was reduced by non-cash asset impairment charges of $43 million, or $0.05 per unit on a fully diluted basis.
Enterprise increased its cash distribution with respect to the third quarter of 2012 to $0.65 per unit, or $2.60 per unit on an annualized basis, which represents a 6.1 percent increase from the distribution rate paid with respect to the third quarter of 2011.
"This volume growth in our fee-based businesses along with attractive sales margins led to another quarter of strong financial performance with a $167 million, or 17 percent, increase in gross operating margin for the third quarter of 2012 compared to the third quarter of last year."