One of the key metrics tracked by the street is distributable cash flow (DCF). DCF grew 4% to $1.14 billion due to stellar results from the Natural Gas and Product Pipelines segment. On a per-share basis, DCF rose marginally to $0.50 per share with a surplus of $571 million post dividend payments.
Total backlog at the end of the Q3 period stood at $4.1 billion, down $1.6 billion from the last quarter. The reduction in the backlog is attributed to two large projects which are resuming service. Kinder Morgan has added new projects to the tune of $1.2 billion in the first three quarters with majority of the projects from the Natural Gas division.
On the projects front, CEO Steve Kean said, “Also late in September, the first of ten liquefaction units of the Elba Liquefaction project went in commercial service, upon which we began recognizing approximately 70 percent of the full project revenues.”
Looking Ahead
For the fourth quarter, Wall Street is projecting top line of $3.67 billion and adjusted EPS of 27 cents. When it comes to fiscal 2019 period, sales is anticipated at $13.8 billion and non-GAAP earnings of $1 per share.