The following is a summary of the Brookfield Infrastructure Partners (BIPC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Brookfield Infrastructure reported Q1 2024 funds from operations (FFO) at $615 million, an increase of 11% compared to the same period last year.
Utilities segment contributed an FFO of $190 million, with an organic growth rate of 8%.
The Transport sector posted an FFO of $302 million, a significant 57% increase from Q1 2023.The company's Midstream segment and Data segment provided FFOs of $170 million and $68 million respectively, steady with last year's figures.
Through their Triton container leasing business, the company noted good rates and substantial asset utilization.
Business Progress:
Brookfield Infrastructure has maintained strong momentum in their North American and European data center platforms.
The company anticipates that about 670 megawatts of booked but not built capacity within their global data center platform will come online in the next three years.
Significant investments for the quarter included the acquisition of an additional 10% stake in a Brazilian integrated rail and logistics provider.
The company dedicated 80% of backlog capital projects to the utility sector and data centers, focusing on decarbonization and digitalisation trends.
Financial achievements included the completion of a $1.6 billion financing deal in their Brazilian regulated gas transmission business, resulting in approximately $500 million of proceeds.
The company is in a strong financial position with over $2 billion available for growth initiatives and an average debt term of seven years.
They foresee a blend of M&A and organic growth in their data sector, due to high growth opportunities and a lack of sufficient capital among many parties.
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