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Macquarie (MIC) Earnings and Revenues Miss Estimates in Q1
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Macquarie Infrastructure Company reported income per share of 13 cents in first-quarter 2020 compared with 79 cents reported in the year-ago quarter. The decline was primarily attributable to lower revenues.
On an adjusted basis, the company’s earnings were $1.08 per share, missing the Zacks Consensus Estimate of $1.09. Also, the metric declined from $1.68 per share reported in the prior-year quarter.
Macquarie generated revenues of $416 million, down 14% year over year. The decline was attributable to lackluster performance across all of its segments. Product revenues were $60 million, marking a decrease of 6.3% year over year. Service revenues declined 14.8% to $356 million. The top line missed the Zacks Consensus Estimate of $458 million.
Macquarie Infrastructure Company Price, Consensus and EPS Surprise
Revenues from International-Matex Tank Terminals were $132 million, down 18% year over year. It represented 31.7% of the company’s first-quarter revenues. The segment’s EBITDA declined 26% year over year to $77 million.
Atlantic Aviation generated revenues of $224 million, down 13% year over year and accounted for 53.8% of the company’s overall revenues. The segment’s EBITDA declined year over year 16% to $66 million.
Revenues in MIC Hawaii were $60 million, down 6% year over year. It represented 14.5% of overall quarterly revenues. The segment’s EBITDA declined 25% year over year to $15 million.
Operating Costs
In the first quarter, Macquarie’s cost of services decreased 14% to $145 million on a year-over-year basis, whereas cost of product sales increased 5% to $42 million.
Selling and administrative expenses were $96 million, up 20% year over year. Overall, operating expenses declined 1% year over year to about $355 million.
Liquidity & Cash Flow
As of Mar 31, 2020, the company had cash and cash equivalents of $1,156 million, up from $357 million on Dec 31, 2019. Long-term debt was $3,253 million, up from $2,654 million recorded at the end of 2019. In the first three months of 2020, the company generated net cash of $99 million from operating activities, down 34.4% year over year.
During the quarter, the company paid out dividends amounting to $87 million, representing a 1.2% increase over the year-ago quarter’s disbursement.
Guidance
On uncertainties, regarding the impacts of the coronavirus outbreak on financial and operating results, Macquarie withdrew guidance for 2020.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #4 (Sell).
Intellicheck delivered a positive earnings surprise of 36.91%, on average, in the trailing four quarters.
iRobot delivered a positive earnings surprise of 233.53%, on average, in the trailing four quarters.
Berry Global delivered a positive earnings surprise of 6.63%, on average, in the trailing four quarters.
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Macquarie (MIC) Earnings and Revenues Miss Estimates in Q1
Macquarie Infrastructure Company reported income per share of 13 cents in first-quarter 2020 compared with 79 cents reported in the year-ago quarter. The decline was primarily attributable to lower revenues.
On an adjusted basis, the company’s earnings were $1.08 per share, missing the Zacks Consensus Estimate of $1.09. Also, the metric declined from $1.68 per share reported in the prior-year quarter.
Macquarie generated revenues of $416 million, down 14% year over year. The decline was attributable to lackluster performance across all of its segments. Product revenues were $60 million, marking a decrease of 6.3% year over year. Service revenues declined 14.8% to $356 million. The top line missed the Zacks Consensus Estimate of $458 million.
Macquarie Infrastructure Company Price, Consensus and EPS Surprise
Macquarie Infrastructure Company price-consensus-eps-surprise-chart | Macquarie Infrastructure Company Quote
Segment Details
Revenues from International-Matex Tank Terminals were $132 million, down 18% year over year. It represented 31.7% of the company’s first-quarter revenues. The segment’s EBITDA declined 26% year over year to $77 million.
Atlantic Aviation generated revenues of $224 million, down 13% year over year and accounted for 53.8% of the company’s overall revenues. The segment’s EBITDA declined year over year 16% to $66 million.
Revenues in MIC Hawaii were $60 million, down 6% year over year. It represented 14.5% of overall quarterly revenues. The segment’s EBITDA declined 25% year over year to $15 million.
Operating Costs
In the first quarter, Macquarie’s cost of services decreased 14% to $145 million on a year-over-year basis, whereas cost of product sales increased 5% to $42 million.
Selling and administrative expenses were $96 million, up 20% year over year. Overall, operating expenses declined 1% year over year to about $355 million.
Liquidity & Cash Flow
As of Mar 31, 2020, the company had cash and cash equivalents of $1,156 million, up from $357 million on Dec 31, 2019. Long-term debt was $3,253 million, up from $2,654 million recorded at the end of 2019. In the first three months of 2020, the company generated net cash of $99 million from operating activities, down 34.4% year over year.
During the quarter, the company paid out dividends amounting to $87 million, representing a 1.2% increase over the year-ago quarter’s disbursement.
Guidance
On uncertainties, regarding the impacts of the coronavirus outbreak on financial and operating results, Macquarie withdrew guidance for 2020.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks are Intellicheck, Inc. (IDN - Free Report) , iRobot Corporation (IRBT - Free Report) and Berry Global Group, Inc. (BERY - Free Report) . All the companies currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intellicheck delivered a positive earnings surprise of 36.91%, on average, in the trailing four quarters.
iRobot delivered a positive earnings surprise of 233.53%, on average, in the trailing four quarters.
Berry Global delivered a positive earnings surprise of 6.63%, on average, in the trailing four quarters.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>