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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.

Kinder Morgan third quarter 2018 Earnings Infographic
Kinder Morgan Q3 2018 Earnings Infographic

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.

Kinder Morgan Q2 profit tops estimates

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%.

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