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UPDATE 1-Energy Transfer Equity 4th-qtr profit misses Street estimate
February 15, 2012 / 10:41 PM / 6 years ago

UPDATE 1-Energy Transfer Equity 4th-qtr profit misses Street estimate

Feb 15 (Reuters) - Energy Transfer Equity posted lower-than-expected profit for the eighth straight quarter as the gas transportation company was hurt by lower volumes and a $2.8 million charge.

The company, due to take over pipeline operator Southern Union Co after a six-month-long bidding war with Williams Cos, took the $2.8 million charge in the fourth quarter on account of the impending merger.

October-December profit rose to $85.8 million, or 38 cents a share, compared with $76.1 million or 34 cents a share in the year-ago period.

The company, which has presence in the Fortworth and Permian basins in Texas, posted a 23 percent growth in revenue at $2.18 billion.

Analysts, on an average, had pegged the company’s profit at 42 cents a share on a revenue of $2.16 billion, according to Thomson Reuters I/B/E/S.

Separately, the company’s master limited partnership (MLP) Energy Transfer Partners’ profit fell to 41 cents per unit, from 65 cents Per unit last year.

Revenue rose 25 percent to $1.8 billion.

Analysts, on an average, had pegged the unit’s profit at 68 cents a share on a revenue of $2.11 billion, according to Thomson Reuters I/B/E/S.

Energy Transfer Equity’s closed at $41.88 on Wednesday on the New York Stock Exchange.

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