Kinder Morgan Swings to Loss on Tax Impact; Cash Flow Rises -- Earnings Review
January 17 2018 - 5:25PM
Dow Jones News
By Imani Moise
Shares of Kinder Morgan Inc. rose 0.4%, to $19.63, after hours
as the oil- and gas-pipeline operator reported fourth-quarter
earnings. Here's what you need to know:
EARNINGS: Kinder Morgan reported a loss of 47 cents a share
after it recorded a charge in response to the new tax law. The
company said distributable cash flow, which it says a better
measure of its financial health, rose 4%, to 53 cents a share,
driven by growth in its natural gas and terminal and products
pipelines business.
REVENUE: Sales rose 7.2%, to $3.63 billion, topping analysts'
expectations of $3.5 billion.
TAX IMPACT: The company said the $1.4 billion charge it logged
this quarter related to writing down the value of deferred tax
assets is just an initial estimate and the amount may be adjusted
in the future. Chief Executive Steve Kean said the net impact of
the tax changes will result in the company postponing the date when
KMI becomes a federal cash taxpayer by approximately one year, to
beyond 2024.
OUTLOOK: Kinder Morgan said it expects distributed cash flow to
grow to $2.05 per share in 2018, compared with the $2.00 it
recorded last year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 17, 2018 17:10 ET (22:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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