Earnings Scan (BWP, CNA, L, SNH, UDR)
Boardwalk Pipeline Partners, LP (NYSE:BWP) reported a 12% jump in its first-quarter earnings boosted by revenue from the acquisition of a gas storage cavern operator. The company reported net income of $92.6 million, or 43 cents a unit, up from $83 million, or 42 cents, a year earlier. The prior-year quarter included $7.4 million in debt-extinguishment charges and $5 million charge from a compressor station fire. Revenue grew 0.6% to $312.9 million. Analysts were estimating 43 cents a unit on revenue of $319 million. Operating margin rose to 42.7% from 42%. Shares of BWP are now up marginally at $27.57.
Loews Corporation (NYSE:L) added 1.56% to $30.62 after the company reported a better-than-estimated first-quarter earnings. The company earned $250 million, up 14% from its $220 million profit a year earlier. Earnings per share rose to 93 cents from 82 cents a year earlier. Stripping out investment results, CNA’s operating profit rose to 84 cents a share, exceeding analyst forecasts. For the first quarter, Loews reported a profit of $367 million, compared with a year-earlier profit of $379 million. Earnings per-share were unchanged at 92 cents amid a roughly 4% decline in the number of shares outstanding. Revenue rose 2% to $3.74 billion. Revenue from insurance premiums, its largest top-line contributor, rose 2.1% to 1.65 billion.
Senior Housing Properties Trust (NYSE:SNH) is down 0.45% after the company said that it earned $32.4 million, or $0.20 per share, for the quarter ended March 31, 2012, compared to net income of $31.8 million, or $0.22 per share, for the quarter ended March 31, 2011. Net income for the quarter ended March 31, 2012 includes a non-cash impairment of assets charge of approximately $3.1 million, or $0.02 per share, related to one property. Net income for the quarter ended March 31, 2011 includes a non-cash impairment of assets charge of approximately $166,000, or less than $0.01 per share, related to two properties.
UDR, Inc. (NYSE:UDR) fell 1.17% to $26.17 after the company said that it generated Funds from Operations (FFO) of $83.5 million or $0.35 per diluted share for the quarter ended March 31, 2012, as compared to $56.8 million or $0.30 per diluted share, in the first quarter of 2011. Excluding all non-recurring items, the Company’s first quarter 2012 FFO-Core was $0.34 per diluted share.
The Company will reevaluate and, if necessary, will update its guidance on its second quarter conference call.