Well we get our One Dollar dividend but earnings are a little off so down we go again?
Macquarie Infrastructure (NYSE:MIC): Q4 EPS of -$0.01 may not be comparable to consensus of $0.37.
Revenue of $437.76M (+0.4% Y/Y) misses by $13.44M.
FOURTH QUARTER DIVIDEND OF $1.00 PER SHARE DECLARED
2019 GUIDANCE INITIATED
2018 Financial Results from Continuing Operations
- Net income of $64.6 million
- Consolidated EBITDA excluding non-cash items of $569.5 million
- Cash provided by operating activities of $473.2 million
- Fourth quarter 2018 dividend of $1.00 per share authorized
2019 Guidance for Continuing Operations
- Consolidated EBITDA of $610.0 to $635.0 million
- Free Cash Flow of $400.0 to $445.0 million
- Leverage of 4.0 to 4.25 times net debt/EBITDA at year end
- Quarterly cash dividend of $1.00 per share ($4.00 annualized)
Continued Progress on Strategic Priorities
- Leverage below 4.0 times net debt/EBITDA at year end 2018 compared with approximately 4.9 times at year end 2017
- Cash on hand of approximately $600.0 million, a portion of which is expected to be used to fund a backlog of approximately $247.0 million of growth projects
- Refinancing of Atlantic Aviation and amendment of debt facilities at IMTT extends MIC's weighted average debt maturity to 5.7 years and provides capital for repayment of convertible notes maturing July 2019
- Of 1.3 million barrels of capacity at IMTT repurposed in 2018, 600,000 barrels were returned to service in December 2018, 640,000 barrels were returned to service in January 2019, balance expected to be in service in March
- $75.0 million of additional growth projects announced at IMTT
- Second quarter 2019 closing targeted for sale of renewable power generation assets
