Energy infrastructure company Kinder Morgan, Inc. (NYSE: KMI) has reported a decrease in first-quarter 2023 adjusted profit and revenue.
First-quarter earnings, excluding special items, dropped to $0.30 per share from $0.32 per share in the corresponding period of last year. Net income attributable to shareholders was $679 million or $0.30 per share, compared to $667 million or $0.29 per share last year.
The bottom line was negatively impacted by a 9% decrease in revenues to $3.89 billion. The company also provided guidance for fiscal 2023.
“Shareholders continue to benefit from our long-standing corporate strategy: maintaining a strong investment-grade balance sheet, internally funding expansion opportunities, paying an attractive and growing dividend, and further returning value by repurchasing our shares on an opportunistic basis,” said the company’s executive chairman Richard Kinder.