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Brookfield Infrastructure Partners L.P. (BIP - Free Report) reported second-quarter 2017 loss of 6 cents per unit. The Zacks Consensus Estimate for the quarter was pegged at earnings of 80 cents per unit. The partnership reported earnings of 39 cents per unit in the year-ago quarter.
Revenues
Brookfield Infrastructure’s revenues came in at $934 million in the second quarter beating Zacks Consensus Estimate of $768 million by 21.6%. Revenues increased 102.2% year over year from $462 million.
Brookfield Infrastructure Partners LP Price, Consensus and EPS Surprise
Direct operating costs in the reported quarter were $373 million, increasing 88.4% from $198 million in the year-ago quarter.
Interest expenses in the reported quarter increased 6% year over year to $107 million from $101 million.
Fund flow from operations (FFO) in the reported quarter was $295 million compared with $230 million in the prior-year quarter.
Quarterly Segment Highlights
Utilities: FFO for the segment was $168 million, up 68% year over year.
Transport: The segment generated FFO of $134 million, up 31% from $102 million in the year-ago quarter. This increase was primarily due to the organic growth on a constant currency basis, in addition to the contributions from new investments in the toll roads and port operating groups over the past year. This was partially offset by lower earnings from our rail assets.
Energy: This segment generated FFO of $43 million, in line with the corresponding quarter of the previous year.
Communications Infrastructure: The segment generated FFO of $19 million in the second quarter on par with prior-year quarter.
Corporate and Other: This segment incurred a loss of $69 million in the reported quarter, wider than the loss of $34 million in the year-ago quarter.
Financial Update
As of Jun 30, Brookfield Infrastructure’s cash and cash equivalents were $468 million compared with $786 million at the end of 2016.
Cash from operating activities was $419 million in the second quarter of 2017, increasing from $159 million in the year-ago quarter.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. Reported earnings were up 11.4% year over year.
Eversource Energy (ES - Free Report) reported second-quarter 2017 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 68 cents by 5.8%. The quarterly earnings were up 12.5% from the year-ago quarter figure of 64 cents.
First Energy Corporation (FE - Free Report) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were up 8.9% year over year.
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Brookfield Infrastructure (BIP) Posts Q2 Loss, Revenues Rise
Brookfield Infrastructure Partners L.P. (BIP - Free Report) reported second-quarter 2017 loss of 6 cents per unit. The Zacks Consensus Estimate for the quarter was pegged at earnings of 80 cents per unit. The partnership reported earnings of 39 cents per unit in the year-ago quarter.
Revenues
Brookfield Infrastructure’s revenues came in at $934 million in the second quarter beating Zacks Consensus Estimate of $768 million by 21.6%. Revenues increased 102.2% year over year from $462 million.
Brookfield Infrastructure Partners LP Price, Consensus and EPS Surprise
Brookfield Infrastructure Partners LP Price, Consensus and EPS Surprise | Brookfield Infrastructure Partners LP Quote
Highlights of the release
Direct operating costs in the reported quarter were $373 million, increasing 88.4% from $198 million in the year-ago quarter.
Interest expenses in the reported quarter increased 6% year over year to $107 million from $101 million.
Fund flow from operations (FFO) in the reported quarter was $295 million compared with $230 million in the prior-year quarter.
Quarterly Segment Highlights
Utilities: FFO for the segment was $168 million, up 68% year over year.
Transport: The segment generated FFO of $134 million, up 31% from $102 million in the year-ago quarter. This increase was primarily due to the organic growth on a constant currency basis, in addition to the contributions from new investments in the toll roads and port operating groups over the past year. This was partially offset by lower earnings from our rail assets.
Energy: This segment generated FFO of $43 million, in line with the corresponding quarter of the previous year.
Communications Infrastructure: The segment generated FFO of $19 million in the second quarter on par with prior-year quarter.
Corporate and Other: This segment incurred a loss of $69 million in the reported quarter, wider than the loss of $34 million in the year-ago quarter.
Financial Update
As of Jun 30, Brookfield Infrastructure’s cash and cash equivalents were $468 million compared with $786 million at the end of 2016.
Cash from operating activities was $419 million in the second quarter of 2017, increasing from $159 million in the year-ago quarter.
Zacks Rank
Brookfield Infrastructure has a Zacks Rank #3 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2017 adjusted earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.76 by 5.7%. Reported earnings were up 11.4% year over year.
Eversource Energy (ES - Free Report) reported second-quarter 2017 operating earnings of 72 cents per share, beating the Zacks Consensus Estimate of 68 cents by 5.8%. The quarterly earnings were up 12.5% from the year-ago quarter figure of 64 cents.
First Energy Corporation (FE - Free Report) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were up 8.9% year over year.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>