Earnings Call Excerpt
Spectra Energy (SE)
Q3 2009 Earnings Call
November 6, 2009 10:00 am ET
Executives
John Arensdorf - Chief Communications Officer
Greg Ebel - President and CEO
Pat Reddy - CFO
Analysts
Ella Vuernick - RBC Capital Markets
Ross Payne - Wells Fargo
Matthew Aikman - Macquarie
Carl Kirst - BMO Capital
Faisel Khan - Citi
Mark Caruso - Millennium Partners
Presentation
Operator
Good morning. At this time, I'd like to welcome everyone to the Spectra Energy third quarter 2009 Earnings Call. All lines have been placed on mute to prevent any background noise. (Operator Instructions).
At this time, I would like to turn the call over to Mr. John Arensdorf, Spectra Energy's Chief Communications Officer. Please go ahead, sir.
John Arensdorf
Thanks, Celeste and good morning, everyone. Welcome to Spectra Energy's third quarter 2009 earnings review. We're pleased that you could join us today.
Leading our discussion today will be Greg Ebel, our President and Chief Executive Officer and Pat Reddy, our Chief Financial Officer. Greg and Pat will discuss our quarterly results and update you on our year-to-date progress and our future plans. Then we'll open the lines for your questions.
But as usual before we begin, let me take a moment to remind you that some of the things we'll discuss today concern future company performance and include forward-looking statements within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements. You should refer to the additional information contained in Spectra Energy's Form 10-K and in our other SEC filings concerning factors that could cause these results to be different from those contemplated in today's discussion.
In addition, our discussion includes certain non-GAAP financial measures as defined by SEC Reg G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our Investor Relations Web site at spectraenergy.com.
With that, I'll turn the call over to Greg.
Greg Ebel
Thanks very much, John, and good morning, everyone. As you've seen from our earnings release, Spectra Energy delivered very solid ongoing third quarter results of $190 million or $0.30 per share. We feel upbeat about our results for the quarter and for the year-to-date, particularly given the fact that 2009 has had its challenges, both, within and outside our sector, but we took steps to meet those challenges head on.
First, earlier this year, we bolstered our financial flexibility. Second, we're achieving good growth performance from our core businesses, which are providing us with cash flow, not only to fund our dividends, our operations and maintenance capital, but also partially fund our expansion capital.
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