Brookfield Infrastructure Partners L.P. (BIP - Free Report) posted third-quarter 2018 loss of 71 cents per unit, missing the Zacks Consensus Estimate of earnings of 72 cents by 1.39%.
Revenues of $1,167 million beat the Zacks Consensus Estimate of $795 million by 46.8%. Revenues also improved 21.4% year over year from $961 million.
Direct operating costs in the reported quarter were $603 million, up 53% from $394 million a year ago.
Interest expenses rose 22.8% year over year to $140 million from $114 million in the prior-year quarter.
Fund flow from operations (FFO) in the reported quarter was $278 million, down from $301 million in the prior-year quarter.
Utilities: FFO at the segment was $130 million, down 23.5% year over year. The downside was caused by the impact of the recent completion of debt financing at Brazilian regulated gas transmission business and the impact of foreign exchange.
Transport: The segment generated FFO of $119 million, down from $136 million in the year-ago quarter. The downside was because of lower volumes from minerals customers and due to the state concessions in its Brazilian toll road business.
Energy: The segment generated FFO of $59 million, up 22.9% year over year. This increase can be attributed to higher transport volumes on strong gas production growth across North America.
Data Infrastructure: The segment generated FFO of $19 million, in line with the prior-year quarter level.
Corporate: This segment incurred a loss of $49 million in the reported quarter, narrower than a loss of $72 million in the year-ago quarter.
As of Sep 30, 2018, Brookfield Infrastructure’s cash and cash equivalents were $1,144 million compared with $374 million of Dec 31, 2017.
Cash from operating activities was $337 million at the end of three months ended in Sep 30, 2018, down from $375 million in the year-ago period.
Brookfield Infrastructure has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) posted third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X 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>>