Kinder Morgan Inc (NYSE:KMI) unveiled a loss Wednesday after the bell.
The company reported its fourth-quarter earnings results, revealing a loss of 47 cents per share that was lower than expected due to the new tax law. Kinder Morgan added that its distributable cash flow, which is a good metric to measure financial health, was 4% higher year-over-year, coming to 53 cents per share.
The growth was partially caused by the company’s growth in its natural gas and terminal and products pipelines segment. Revenue for the quarter came in at $3.63 billion, which was a 7.2% improvement compared to the year-ago quarter, while also coming in ahead of the Wall Street consensus estimate of $3.5 billion.
Kinder Morgan said that it was hit with a $1.4 billion charge this quarter that was linked to writing down the value of deferred tax assets. This figure is only an initial estimate and it may be adjusted in the future, it added.
CEO Steve Kean said the net impact of the tax changes will cause the company to postpone the date in which KMI becomes a federal cash taxpayer by roughly one year, to beyond 2024.
KMI stock gained 1.4% after hours.