Boardwalk Pipeline 2Q net income rises 8 pct

HOUSTON (AP) -- Boardwalk Pipeline Partners LP said Monday its second-quarter net income rose 8 percent, helped by a hefty gain related to the sale of assets.

The Houston-based natural gas distributor earned $70.5 million, or 28 cents per common unit, up from $65.1 million, or 30 cents per common unit, in the same quarter of 2012.

Operating revenue rose 5 percent to $288.7 million from $275.8 million.

The profit matched Wall Street predictions, while the revenue fell short. Analysts, on average, expected a profit of 28 cents per common unit on $306.9 million in revenue, according to FactSet.

Transportation revenue edged down about 1 percent to $242.3 million, hurt by lower utilization rates that stemmed from tough market conditions and mild weather, which were partly offset by higher fuel revenue related to higher natural gas prices.

The results also included a $17 million gain on the sale of storage base gas.

Boardwalk also on Monday declared a quarterly cash distribution per common unit of 53.25 cents. The distribution will be paid on Aug. 15 to unit holders of record as of Aug. 8.

In afternoon trading, Boardwalk units fell 41 cents to $32.03.