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Kinder Morgan shares fall after revenue miss
Kinder Morgan Inc. shares fell 1.3% in the extended session Wednesday after the pipeline company reported revenue below expectations. The company reported fourth-quarter net income attributable to common stockholders of $483 million, or 21 cents a share, compared with losses of $1.05 billion, or 47 cents a share, in the year-ago period. Adjusted for items such as losses on impairments and divestitures, among other items, earnings were 25 cents a share, compared with 21 cents a share in the year-earlier quarter. Revenue rose to $3.78 billion from $3.63 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 25 cents a share on revenue of $3.84 billion. The company said it does not provide net income outlook but does expect distributable cash flow of $5 billion for 2019, and the budget “contemplates” a dividend of $1 a share across the full year. For the first quarter, analysts model adjusted earnings of 25 cents a share on sales of $3.67 billion. Kinder Morgan stock closed up 0.9% to $17.47 in regular trading. Kinder Morgan shares have fallen 9.9% in the past year, as the S&P 500 index fell 6%.
Source : MTV
