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.

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%.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Key highlights from Abbott Laboratories (ABT) Q1 2024 earnings results

Abbott Laboratories (NYSE: ABT) reported its first quarter 2024 earnings results today. Total sales increased 2.2% year-over-year to $10 billion. Organic sales growth was 10.8%. Net earnings decreased 7% to $1.22

US Bancorp (USB) Q1 2024 Earnings: Key financials and quarterly highlights

US Bancorp (NYSE: USB) reported its first quarter 2024 earnings results today. Total net revenue decreased 6.4% year-over-year to $6.7 billion. Net income applicable to US Bancorp common shareholders decreased

UAL Earnings: United Airlines Q1 loss narrows on higher revenues; results beat

United Airlines Holdings, Inc. (NYSE: UAL) reported a narrower net loss for the first quarter of 2024, on an adjusted basis. The bottom line benefitted from an increase in revenues.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top