Categories AlphaGraphs, Earnings, LATEST, Other Industries
Kinder Morgan meets expectations on Q3 earnings but misses on revenues
Kinder Morgan Inc. (KMI) posted third-quarter 2018 earnings that came in line with expectations but missed the mark on revenues. Total revenues increased to $3.52 billion during the quarter from $3.28 billion in the same period last year.
Net income available to common shareholders improved to $693 million or $0.31 per share versus $334 million or $0.15 per share in the prior-year period, helped by a one-time gain on the sale of the Trans Mountain pipeline system. Adjusted EPS totaled $0.21 in the quarter.
Distributable cash flow (DCF), excluding the one-time gain from the Trans Mountain system sale, grew 4% to $1.1 billion from last year’s third quarter. The company closed the Trans Mountain transaction at the end of August and made a final investment decision on the Permian Highway Pipeline Project shortly thereafter.
Kinder Morgan’s project backlog for the quarter stood at $6.5 billion, reflecting an increase of around $250 million sequentially.
The company’s board declared a cash dividend of $0.20 per common share, amounting to $0.80 annualized, payable on November 15 to stockholders of record as of October 31.
For 2018, Kinder Morgan expects DCF of approx. $4.57 billion and adjusted EBITDA of approx. $7.5 billion. The company plans to invest $2.5 billion in growth projects which are to be funded with internally generated cash flow.
The stock was down 0.11% in aftermarket hours. Looking at the past one month, the stock has dropped 1.2%.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Key highlights from Eli Lilly’s (LLY) Q1 2024 earnings results
Eli Lilly and Company (NYSE: LLY) reported first quarter 2024 earnings results today. Worldwide revenue was $8.77 billion, up 26% from the year-ago quarter, driven by increases of 16% in
PYPL Earnings: PayPal reports higher revenue and profit for Q1 2024
PayPal Holdings Inc. (NASDAQ: PYPL) announced financial results for the first quarter of 2024, reporting an increase in revenues and adjusted profit. The top line also exceeded analysts' estimates. First-quarter
MCD Earnings: Key quarterly highlights from McDonald’s Q1 2024 financial results
McDonald's Corporation (NYSE: MCD) reported first quarter 2024 earnings results today. Revenues increased 5% year-over-year to $6.1 billion. Revenue growth was 4% in constant currencies. Net income grew 7% to