Boardwalk Pipeline Partners Misses on Both Revenue and Earnings

Boardwalk Pipeline Partners (NYS: BWP) reported earnings on Feb. 6. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Dec. 31 (Q4), Boardwalk Pipeline Partners missed estimates on revenues and missed expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped slightly and GAAP earnings per share dropped.

Gross margins grew, operating margins dropped, and net margins dropped.

Revenue details
Boardwalk Pipeline Partners reported revenue of $296.9 million. The nine analysts polled by S&P Capital IQ expected revenue of $317.4 million. Sales were 1.7% lower than the prior-year quarter's $302 million.


Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions.

EPS details
Non-GAAP EPS came in at $0.39. The 12 earnings estimates compiled by S&P Capital IQ anticipated $0.40 per share on the same basis. GAAP EPS of $0.38 for Q4 were 12% lower than the prior-year quarter's $0.43 per share.


Source: S&P Capital IQ. Quarterly periods. Figures may be non-GAAP to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 76.6%, 210 basis points better than the prior-year quarter. Operating margin was 39.9%, 60 basis points worse than the prior-year quarter. Net margin was 25.1%, 430 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $326.7 million. On the bottom line, the average EPS estimate is $0.44.

Next year's average estimate for revenue is $1.22 billion. The average EPS estimate is $1.42.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 400 members rating the stock outperform, and 22 members rating it underperform. Among 156 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 153 give Boardwalk Pipeline Partners a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Boardwalk Pipeline Partners is hold, with an average price target of $30.73.

Can your retirement portfolio provide you with enough income to last? You'll need more than Boardwalk Pipeline Partners. Learn about crafting a smarter retirement plan in "The Shocking Can't-Miss Truth About Your Retirement." Click here for instant access to this free report.

At the time thisarticle was published Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.