Kinder Morgan Q3 revenues jump 30% as fuel demand boosts volumes
$Kinder Morgan(KMI.US$-1.4% post-market after posting mixed Q3 results, as earnings miss Wall Street expectations while revenues jump 30% Y/Y to a higher than forecast $3.8B.
The company declared a $0.27 quarterly dividend, after generating $397M of excess distributable cash flow above the declared dividend in Q3.
Q3 adjusted profit rose 4% to $505M from $485M a year earlier.
Q3 distributable cash flow of $1.013B fell 7% from $1.085B in the year-ago quarter, primarily due to higher sustaining capital spending than in the prior-year period.
Reflecting the rebound in fuel demand during the quarter, Kinder Morgan says gasoline volumes rose 9% and jet fuel volumes jumped 56%.
Also, Q3 natural gas transport volumes increased 3%, while total refined product volumes climbed 12%.
Kinder Morgan says the COVID-19 delta variant held down refined products volumes during the period, but it expects the impact to ease in Q4.
The company expects Kinetrex Energy and natural gas pipeline firm Stagecoach Gas Services, both acquired earlier this year, to slightly outperform expectations for the year.
For FY 2021, the company says it expects to generate $1.7B in net income and declare $1.08/share in dividends of $1.08 per share, up 3% from 2020's declared dividends, as well as DCF of $5.4B and adjusted EBITDA of $7.9B.
Kinder Morgan shares closed today at a three-month high $18.65.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Ren Calli : It has been on quite a run I'll take the dividend.
B Russ : This is not good news, fossil fuels must die.
Sourav Pan OP B Russ : then so will mankind as there is no way around them at this time
carririlin : How does earnings and stock go down if revenue jumps 30%?