Brookfield Infrastructure Partners L.P. (BIP - Free Report) posted second-quarter 2019 operating earnings of 12 cents per unit, which lagged the Zacks Consensus Estimate of 83 cents by 85.5%. The bottom line declined 42.8% from the prior-year quarter’s figure of 21 cents.
Revenues
Revenues in the quarter under review totalled $1,685 million, which improved 61.4% year over year from $1,044 million.
Highlights
Direct operating costs in the reported quarter were $840 million, up 79.8% from $467 million in the year-ago quarter.
Interest expenses rose 92.8% year over year to $241 million from $125 million in the prior-year quarter.
Fund flow from operations (FFO) in the reported quarter was $337 million, up from $294 million in the prior-year quarter. The upside can be attributed to strong performance in the Utilities, Energy and Data Infrastructure segments.
Segment Details
Utilities: FFO in this segment amounted to $143 million, up 2.8% year over year.
Transport: The segment generated FFO of $135 million, up from $133 million in the year-ago quarter.
Energy: The segment generated FFO of $96 million, up 77.8% year over year.
Data Infrastructure: The segment generated FFO of $30 million, up from $19 million in the prior-year quarter.
Corporate: The segment incurred a loss of $67 million in the quarter, wider than a loss of $51 million in the year-ago quarter.
Financial Update
As of Jun 30, 2019, Brookfield Infrastructure’s cash and cash equivalents were $715 million compared with $540 million of Dec 31, 2018.
Cash from operating activities was $580 million at the end of second quarter, up from $183 million in the year-ago quarter.
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 Utility Releases
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
CMS Energy Corp. (CMS - Free Report) reported second-quarter 2019 adjusted EPS of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.
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Brookfield Infrastructure Partners L.P. (BIP - Free Report) posted second-quarter 2019 operating earnings of 12 cents per unit, which lagged the Zacks Consensus Estimate of 83 cents by 85.5%. The bottom line declined 42.8% from the prior-year quarter’s figure of 21 cents.
Revenues
Revenues in the quarter under review totalled $1,685 million, which improved 61.4% year over year from $1,044 million.
Highlights
Direct operating costs in the reported quarter were $840 million, up 79.8% from $467 million in the year-ago quarter.
Interest expenses rose 92.8% year over year to $241 million from $125 million in the prior-year quarter.
Fund flow from operations (FFO) in the reported quarter was $337 million, up from $294 million in the prior-year quarter. The upside can be attributed to strong performance in the Utilities, Energy and Data Infrastructure segments.
Segment Details
Utilities: FFO in this segment amounted to $143 million, up 2.8% year over year.
Transport: The segment generated FFO of $135 million, up from $133 million in the year-ago quarter.
Energy: The segment generated FFO of $96 million, up 77.8% year over year.
Data Infrastructure: The segment generated FFO of $30 million, up from $19 million in the prior-year quarter.
Corporate: The segment incurred a loss of $67 million in the quarter, wider than a loss of $51 million in the year-ago quarter.
Financial Update
As of Jun 30, 2019, Brookfield Infrastructure’s cash and cash equivalents were $715 million compared with $540 million of Dec 31, 2018.
Cash from operating activities was $580 million at the end of second quarter, up from $183 million in the year-ago quarter.
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 Utility Releases
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
CMS Energy Corp. (CMS - Free Report) reported second-quarter 2019 adjusted EPS of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
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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