August 7, 2012 / 10:11 PM / 5 years ago

Energy Transfer Equity profit misses estimates

(Reuters) - Energy Transfer Equity LP’s (ETE.N) quarterly profit missed analysts’ estimates for the ninth time in ten quarters as the gas transportation company was hurt by higher interest expenses.

Interest costs rose by about $100 million to $281.3 million during the second quarter.

Profit fell to $74.5 million, or 19 cents per share, from $106.7 million, or 30 cents per share, a year earlier.

The company, which has presence in the Fortworth and Permian basins in Texas, posted a marginal increase in total revenue to $1.98 billion. However, natural gas sales fell 22 percent to $635.6 million.

Analysts on average had pegged the company’s profit at 45 cents per share on revenue of $2.01 billion, according to Thomson Reuters I/B/E/S.

Separately, the company’s master limited partnership Energy Transfer Partners (ETP.N) broke even, compared with a profit of 19 cents per unit last year.

    ETP’s revenue fell 24 percent to $1.24 billion.

    Analysts on average had pegged the unit’s profit at 41 cents per share on revenue of $1.56 billion.

    Energy Transfer Equity’s shares closed at $42.43 on Tuesday on the New York Stock Exchange.

    Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Sreejiraj Eluvangal

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