Energy infrastructure firm Kinder Morgan, Inc. (NYSE: KMI) reported stronger-than-expected earnings for the fourth quarter of 2020, despite a decline in revenues. The company’s stock was trading higher soon after the announcement on Wednesday.
At $3.12 billion, fourth-quarter revenues were down 7% from the same period of last year. However, the top-line beat the forecast.
Earnings, adjusted for special items, edged up to $0.27 per share from $0.26 per share in the fourth quarter of 2019 and exceeded the estimates. Net income was $607 million or $0.27 per share, compared to $610 million or $0.27 per share last year.
Read management/analysts’ comments on Kinder Morgan’s Q4 report
Kinder Morgan’s stock made modest gains immediately after the earnings release in extended trading on Wednesday, after closing the regular session higher.