Kinder Morgan, Inc. (NYSE: KMI) reported higher adjusted earnings for the first quarter of 2024 despite a decrease in revenues. The energy infrastructure company also issued guidance for the full fiscal year.
First-quarter earnings, excluding special items, increased to $0.34 per share from $0.30 per share a year earlier and matched expectations. Net income attributable to shareholders, on an unadjusted basis, was $746 million or $0.33 per share in Q1, compared to $679 million or $0.30 per share in the same period of 2023.
Revenues decreased to $3.84 billion in the March quarter from $3.89 billion in the prior-year quarter and missed analysts’ estimates. The company expects distributable cash flow to be $5 billion and adjusted EBITDA to be $8.16 billion at the end of fiscal 2024.
