Brookfield Infrastructure Partners L.P. (BIP - Free Report) posted fourth-quarter 2017 earnings of 36 cents per unit, missing the Zacks Consensus Estimate of 82 cents by 56.09%.
The partnership reported earnings of 40 cents per unit in the year-ago quarter. Direct cost and general & administrative expenses were higher than the year-ago quarter’s level, which led to a year-over-year decline in earnings.
Revenues
Brookfield Infrastructure reported revenues of $984 million, which beat the Zacks Consensus Estimate of $942 million by 4.45%. Revenues surged 45.3% year over year from $677 million.
Highlights of the Release
Direct operating costs in the reported quarter were $399 million, which inched up 0.8% from $396 million in the year-ago quarter.
Interest expenses rose 15.3% year over year to $113 million, from $98 million in the prior-year quarter.
Fund flow from operations (FFO) in the reported quarter was $313 million, up 27.75% from $245 million in the prior-year quarter.
Segment Details
Utilities: FFO in the segment was $172 million, up 77.3% year over year. This upside can be attributed to contributions from the Brazilian regulated gas transmission operations and rate base & upward inflation adjustments in other utility businesses.
Transport: The segment generated FFO of $139 million, up 20.86% from $115 million in the year-ago quarter. The upside was caused by higher tariffs and volumes at toll and road business and partially by favorable foreign exchange movements.
Energy: This segment generated FFO of $56 million, up 7.69% year over year. This increase can be attributed to contribution from the gas storage business acquisition in North America.
Communications Infrastructure: The segment generated FFO of $19 million in the fourth quarter, down 5% from prior-year quarter.
Corporate: This segment incurred a loss of $73 million in the reported quarter, wider than the loss of $39 million in the year-ago quarter.
Financial Update
As of Dec 31, 2017, Brookfield Infrastructure’s cash and cash equivalents were $374 million compared with $786 million at the end of 2016.
Cash from operating activities was $1,481 million, up from $753 million in the year-ago period.
Brookfield Infrastructure announced that it has increased the distribution payment by 8% to 0.47 per unit. The distribution is payable on Mar 29, to unitholders of record as of Feb 28.
Zacks Rank
Brookfield Infrastructure has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
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Xcel Energy (XEL - Free Report) reported fourth-quarter 2017 adjusted earnings of 42 cents per share, which lagged the Zacks Consensus Estimate of 43 cents by 2.33%.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 88 cents by 3.4%.
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Brookfield Infrastructure Partners L.P. (BIP - Free Report) posted fourth-quarter 2017 earnings of 36 cents per unit, missing the Zacks Consensus Estimate of 82 cents by 56.09%.
The partnership reported earnings of 40 cents per unit in the year-ago quarter. Direct cost and general & administrative expenses were higher than the year-ago quarter’s level, which led to a year-over-year decline in earnings.
Revenues
Brookfield Infrastructure reported revenues of $984 million, which beat the Zacks Consensus Estimate of $942 million by 4.45%. Revenues surged 45.3% year over year from $677 million.
Highlights of the Release
Direct operating costs in the reported quarter were $399 million, which inched up 0.8% from $396 million in the year-ago quarter.
Interest expenses rose 15.3% year over year to $113 million, from $98 million in the prior-year quarter.
Fund flow from operations (FFO) in the reported quarter was $313 million, up 27.75% from $245 million in the prior-year quarter.
Segment Details
Utilities: FFO in the segment was $172 million, up 77.3% year over year. This upside can be attributed to contributions from the Brazilian regulated gas transmission operations and rate base & upward inflation adjustments in other utility businesses.
Transport: The segment generated FFO of $139 million, up 20.86% from $115 million in the year-ago quarter. The upside was caused by higher tariffs and volumes at toll and road business and partially by favorable foreign exchange movements.
Energy: This segment generated FFO of $56 million, up 7.69% year over year. This increase can be attributed to contribution from the gas storage business acquisition in North America.
Communications Infrastructure: The segment generated FFO of $19 million in the fourth quarter, down 5% from prior-year quarter.
Corporate: This segment incurred a loss of $73 million in the reported quarter, wider than the loss of $39 million in the year-ago quarter.
Financial Update
As of Dec 31, 2017, Brookfield Infrastructure’s cash and cash equivalents were $374 million compared with $786 million at the end of 2016.
Cash from operating activities was $1,481 million, up from $753 million in the year-ago period.
Brookfield Infrastructure announced that it has increased the distribution payment by 8% to 0.47 per unit. The distribution is payable on Mar 29, to unitholders of record as of Feb 28.
Zacks Rank
Brookfield Infrastructure has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, missing the Zacks Consensus Estimate of $1.31 by 4.6%.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2017 adjusted earnings of 42 cents per share, which lagged the Zacks Consensus Estimate of 43 cents by 2.33%.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 88 cents by 3.4%.
Wall Street’s Next Amazon
Zacks EVP, Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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