Southcross Energy posts 4Q loss

Southcross Energy posts 4th-quarter loss, higher revenue

Associated Press

DALLAS (AP) -- Natural gas company Southcross Energy Partners LP, which went public last November, posted a net loss for the fourth quarter and said the results were worse than what it expected.

Shares fell more than 15 percent in afternoon trading.

Southcross booked a loss of $7.9 million, or 17 cents per unit, in the final three months of last year. A year earlier, the company booked a loss of $1.1 million, also 17 cents per unit.

Revenue rose 9 percent to $151.7 million.

Natural gas volumes increased 1 percent from a year earlier.

"We anticipated a challenging fourth quarter but encountered several events more significant than expected," David Biegler, chairman, president and CEO of Southcross' general partner, said in a statement. "While fourth quarter performance was below our expectations, we have accomplished several key milestones since our IPO and recently signed new contracts that are expected to improve our financial performance beginning in May."

Shares fell $4.20, or 16.3 percent, to $21.55 in afternoon trading. Earlier, the stock fell to $21.35, its lowest level since it began trading on Nov. 2.

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