HOUSTON (AP) -- Boardwalk Pipeline Partners LP said Monday its first-quarter profit rose 12 percent, boosted by its natural gas storage business.
The Houston-based natural gas distributor earned $92.6 million, or 43 cents per common unit, up from $83 million, or 42 cents per common unit, in the same quarter last year.
Operating revenue edged up less than a percent to $312.9 million.
The profit matched Wall Street predictions. Analysts, on average, expected a profit of 43 cents per unit on $319.3 million in revenue, according to FactSet.
The company said that Boardwalk HP Storage Co. contributed $1.5 million to the quarter's profit and $12.1 million to revenue.
In February the company bought the remaining 80 percent ownership stake in the joint venture from an affiliate of its general partner, giving it full control of the business.
Excluding HP Storage, the company said revenue was hurt by lower natural gas prices and a drop in demand, mainly stemming from mild winter weather.
Boardwalk also declared a quarterly cash distribution of 53.25 cents. The distributions will be paid on May 17 to shareholders of record as of May 10.
Boardwalk units rose 11 cents to $27.61 in morning trading.