Tuesday, October 26, 2010

Kinder Morgan misses earnings estimate, raises cash distribution

Kinder Morgan Partners LP (NYSE: KMP) has reported missing revenue and earnings per share estimates, but raised its cash distribution by six percent to $1.11 per share.

Revenue of $2.06 billion was up 24 percent, year over year, but still missed the consensus estimate of $2.1 billion. Earnings of 17 cents per unit were 22 cents less than analysts were expecting.

The company said it was on track for a full-year distribution of $4.40 per unit.

Kinder Morgan’s products pipeline business saw benefits from increased transport of ethanol, the company said, particularly in California. The natural gas pipeline unit saw higher volume and was on track to exceed its annual budget by five percent, the company said.

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