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.