Kinder Morgan (NYSE:KMI) posted its latest quarterly earnings results late Wednesday, turning a profit following a loss a year ago, yet sales fell about 5.9% when compared to the company’s same results a year ago. These results marked a decline for KMI stock after hours.
The Houston, Texas-based energy business announced its results for its fiscal 2019 second quarter, which were unveiled in a statement posted after Wall Street shuttered its doors this hump day. Net income for the three-month period totaled $518 million, which is also about 23 cents per share as far as stockholders are concerned.
It would make sense to say this profit was a success for Kinder Morgan during the period, especially when we take into consideration the $180 million loss — 8 cents per share — reported during the same period in 2018. However, we should also take into account revenue during the second quarter, which tallied up to $3.2 billion.
These sales were about 5.9% lower than the brand’s year-ago revenue of $3.4 billion. Kinder Morgan added that it missed Wall Street’s guidance on the revenue side of things by $380 million, yet these results were in line with what analysts called for on the profit metric.
A cash dividend of 25 cents per share has been approved by the company’s board of directors.
KMI stock is down about 2.1% after hours on Wednesday following the company’s quarterly earnings results, which were mixed. Shares fell about 1.5% during regular trading hours for Kinder Morgan.