HOUSTON (AP) -- Enbridge Energy Partners LP, which operates oil and natural gas pipelines and facilities, said Tuesday that its second-quarter earnings fell 28 percent on lower selling prices for natural gas liquids.
The results fell below Wall Street expectations for adjusted earnings and revenue.
Enbridge said that net income attributable to limited partners fell to $93.7 million, or 33 cents per share, for the three months ended June 30 compared with $130.3 million, or 51 cents per share, a year earlier.
The company said that excluding items such as hedging gains, it would have earned 23 cents per share. Analysts, who usually exclude items from their estimates, expected 31 cents per share, according to FactSet.
Revenue plunged 35 percent to $1.55 billion from $2.37 billion a year ago and well below the $1.77 billion forecast of analysts.
The company said the recent price drop in natural gas liquids was partly offset by higher pipeline revenue.
Enbridge also announced that it will make a cash payment of 54.35 cents per share on Aug. 14 to shareholders as of Aug. 7. The company said the 2.1 percent increase was in line with its goal of raising annual distributions by 2 percent to 5 percent.
The shares rose 70 cents, or 2.4 percent, to $29.77 in afternoon trading. They are near the high end of their 52-week range of $24.66 to $33.85.