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Boardwalk Pipeline reports higher 3Q net income

The Associated Press

NEWS: Boardwalk Pipeline Partners LP said its third-quarter net income rose 7 percent as a gain from selling natural gas in storage helped to offset revenue declines from difficult market conditions.

DETAILS: The Houston company, which transports, stores, gathers and processes natural gas, said Monday it had a $12.5 million gain from selling gas it no longer needed to keep in storage. Operating revenue increased overall, but revenue from transportation fell $13 million "primarily due to contract renewals and unfavorable market conditions."

NUMBERS: Net income rose to $62.3 million, or 21 cents per common unit, from $58.2 million, or 26 cents per unit a year earlier. The number of common units rose to 243.2 million from 192.6 million a year earlier. Revenue rose 1.8 percent to $275.5 million. Analysts surveyed by FactSet had been expecting a profit of 26 cents per share on revenue of $307.5 million.

STOCK: Down 29 cents to $30.96 in midday trading. It's still near its 52-week high of $33, set in July.