Kinder Morgan, Inc. (NYSE: KMI) reported a double-digit fall in revenues for the third quarter of 2023 when the energy infrastructure company’s adjusted profit remained unchanged year-over-year.
Third-quarter earnings, excluding special items, remained unchanged at $0.25 per share. Net income attributable to shareholders, on an unadjusted basis, was $532 million or $0.24 per share, compared to $576 million or $0.25 per share last year.
Revenues decreased sharply to $3.91 billion in the September quarter from $5.18 billion in the comparable period of 2022. The company expects distributable cash flow to be $4.8 billion and adjusted EBITDA to be $7.7 billion at the end of 2023.
“During the quarter the company experienced the second management succession in its history, but our time-tested strategy remains the same,” said Kinder Morgan’s executive chairman Richard Kinder.