Kinder Morgan Q2: Earnings Miss, Higher Project Backlog & More
Portfolio Pulse from Lekha Gupta
Kinder Morgan (NYSE: KMI) reported Q2 FY24 revenue of $3.57 billion, missing the consensus of $4.12 billion. Despite the miss, the company saw improved performance in its Natural Gas Pipelines, Products Pipelines, and Terminals segments. Adjusted EPS rose 4% Y/Y to $0.25, missing the consensus of $0.26. The project backlog increased to $5.2 billion, with 80% allocated to lower-carbon energy investments. The board approved a cash dividend of $0.2875 per share. KMI shares are up 3.19% at $21.19.
July 18, 2024 | 3:25 pm
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Kinder Morgan reported Q2 FY24 revenue of $3.57 billion, missing the consensus of $4.12 billion. Adjusted EPS rose 4% Y/Y to $0.25, missing the consensus of $0.26. The project backlog increased to $5.2 billion, with 80% allocated to lower-carbon energy investments. The board approved a cash dividend of $0.2875 per share. KMI shares are up 3.19%.
Despite missing revenue and EPS estimates, Kinder Morgan's stock price increased by 3.19%, likely due to positive developments in its project backlog and dividend announcement. The company's focus on lower-carbon energy investments and strong cash flow generation also contributed to investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100