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Macquarie Infrastructure Company reported diluted income per share of 79 cents in first-quarter 2019. Notably, the figure was lower than 91 cents per share reported in the year-ago quarter. Notably, high selling, general and administrative and depreciation costs and rise in interest expenses were primarily responsible for the year-over-year decline.
Macquarie generated revenues of $482 million, up 3.2% year over year. The top line was driven by solid operational growth in the Atlantic Aviation segment. Product revenues were flat year over year while Service revenues jumped 3.7%. However, revenues missed the Zacks Consensus Estimate of $488 million.
Macquarie Infrastructure Company Price, Consensus and EPS Surprise
Revenues from the International-Matex Tank Terminals (IMTT) segment came in at $161 million, up 16% year over year. It represented 33.3% of the company’s first-quarter revenues. The segment’s EBITDA improved 33% to $104 million.
The Atlantic Aviation segment generated revenues of $258 million, up 4% year over year and accounted for 53.4% of the company’s overall revenues. The segment’s EBITDA rose 13% to $79 million.
Revenues in the MIC Hawaii segment were flat year over year at $64 million. It represented 13.3% of overall quarterly revenues. The segment’s EBITDA increased 25%.
Operating Costs
In the reported quarter, Macquarie’s cost of services and cost of product sales decreased 10.2% and 17% year over year, respectively.
Selling and administrative expenses were flat year over year at $80 million. Overall, operating expenses declined 8% to about $359 million.
Liquidity & Cash Flow
As of Mar 31, 2019, the company had cash and cash equivalents of $603 million and long-term debt of about $2,653 million. Its adjusted free cash flow for the quarter rose 20% year over year to $165 million.
Macquarie authorized cash dividend of $1.00 per share for the first quarter, payable May 16 to shareholders of record as on May 13.
Guidance
The company expects 2019 EBITDA in the range of $610-$635 million. It also expects to generate free cash flow in the band of $400-$445 million.
Zacks Rank & Stocks to Consider
Macquarie currently carries a Zacks Rank #3 (Hold).
iRobot exceeded estimates in each of the trailing four quarters, the average beat being 94.52%.
Cintas surpassed estimates in each of the trailing four quarters, the average beat being 6.09%.
Actuant surpassed estimates in each of the trailing four quarters, the average beat being 11.01%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
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Macquarie's (MIC) Q1 Earnings Decline Y/Y, Revenues Rise
Macquarie Infrastructure Company reported diluted income per share of 79 cents in first-quarter 2019. Notably, the figure was lower than 91 cents per share reported in the year-ago quarter. Notably, high selling, general and administrative and depreciation costs and rise in interest expenses were primarily responsible for the year-over-year decline.
Macquarie generated revenues of $482 million, up 3.2% year over year. The top line was driven by solid operational growth in the Atlantic Aviation segment. Product revenues were flat year over year while Service revenues jumped 3.7%. However, revenues missed the Zacks Consensus Estimate of $488 million.
Macquarie Infrastructure Company Price, Consensus and EPS Surprise
Macquarie Infrastructure Company Price, Consensus and EPS Surprise | Macquarie Infrastructure Company Quote
Segment Details
Revenues from the International-Matex Tank Terminals (IMTT) segment came in at $161 million, up 16% year over year. It represented 33.3% of the company’s first-quarter revenues. The segment’s EBITDA improved 33% to $104 million.
The Atlantic Aviation segment generated revenues of $258 million, up 4% year over year and accounted for 53.4% of the company’s overall revenues. The segment’s EBITDA rose 13% to $79 million.
Revenues in the MIC Hawaii segment were flat year over year at $64 million. It represented 13.3% of overall quarterly revenues. The segment’s EBITDA increased 25%.
Operating Costs
In the reported quarter, Macquarie’s cost of services and cost of product sales decreased 10.2% and 17% year over year, respectively.
Selling and administrative expenses were flat year over year at $80 million. Overall, operating expenses declined 8% to about $359 million.
Liquidity & Cash Flow
As of Mar 31, 2019, the company had cash and cash equivalents of $603 million and long-term debt of about $2,653 million. Its adjusted free cash flow for the quarter rose 20% year over year to $165 million.
Macquarie authorized cash dividend of $1.00 per share for the first quarter, payable May 16 to shareholders of record as on May 13.
Guidance
The company expects 2019 EBITDA in the range of $610-$635 million. It also expects to generate free cash flow in the band of $400-$445 million.
Zacks Rank & Stocks to Consider
Macquarie currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the space are iRobot Corporation (IRBT - Free Report) , Cintas Corporation (CTAS - Free Report) and Actuant Corporation . While iRobot sports a Zacks Rank #1 (Strong Buy), Cintas and Actuant carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
iRobot exceeded estimates in each of the trailing four quarters, the average beat being 94.52%.
Cintas surpassed estimates in each of the trailing four quarters, the average beat being 6.09%.
Actuant surpassed estimates in each of the trailing four quarters, the average beat being 11.01%.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
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