Kinder Morgan (NYSE:KMI) earnings for the energy infrastructure company’s second quarter of 2020 have KMI stock down after hours Wednesday. The company’s adjusted earnings per share of 17 cents matches Wall Street’s estimate for the quarter. Unfortunately, its revenue of $2.56 billion is below analysts’ estimates of $2.89 billion.
Here’s what else is worth mentioning from the most recent Kinder Morgan earnings report.
- Adjusted per-share earnings are down 23% from 22 cents during the same time last year.
- Revenue comes in 20.3% lower than the $3.21 billion reported in Q2 2019.
- Operating loss of $282 million is a negative switch year-over-year from an operating income of $973 million.
- The Kinder Morgan earnings report also includes a net loss of $624 million.
- That’s a massive decline from the company’s net income of $528 million in the same period of the year prior.
Richard Kinder, executive chairman of Kinder Morgan, said the following in the earnings report.
“Despite the significant reduction in energy demand during the second quarter due to the pandemic, our company continued to generate substantial earnings and robust coverage of this quarter’s dividend. While the pace of the global economic recovery remains uncertain at this time, we are seeing green shoots in some areas of our business.”
Kinder Morgan isn’t withdrawing its guidance due to the novel coronavirus. However, it is expecting results for the year to be less than what it was previously looking for. That includes distributable cash flow being roughly 10% below its plan and adjusted EBITDA also sitting about 8% lower than planned.
KMI stock was down 3% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.