Macquarie Infrastructure Company LLC Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Free Cash Flow Guidance for 2014 and Provides Free Cash Flow Guidance for 2015
Jul 30 14
Macquarie Infrastructure Company LLC reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenue of $280,943,000 against $252,567,000 a year ago. The increases reflect a growth in the volume of products sold and higher energy costs, such as those for aviation fuel, which are passed through to customers of MIC's businesses, as well as increased contributions from the Company's CP&E segment. Operating income was $20,768,000 against operating loss of $2,862,000 a year ago. Net income before income taxes was $15,229,000 against net loss before income taxes of $2,046,000 a year ago. The improvement was primarily attributable to an increase in gross profit and a decrease in combined base management and performance fees incurred in 2014. Net income attributable to the company was $9,700,000 or $0.17 per basic and diluted share against net loss attributable to the company of $848,000 or $0.02 per basic and diluted share a year ago. Maintenance capital expenditures were $3,638,000 against $5,954,000 a year ago. Free cash flow was $59,467,000 against $45,051,000 a year ago. EBITDA excluding non-cash items was $77,333,000 against $59,029,000 a year ago. MIC generated proportionately combined free cash flow per share of $1.00 per share during the second quarter of 2014, and $2.15 per share in the year to date period. The company generated $0.92 per share and $2.17 per share, in the comparable quarter and year to date periods in 2013.
For the six months, the company reported total revenue of $557,138,000 against $516,773,000 a year ago. Operating income was $48,393,000 against $5,486,000 a year ago. Net income before income taxes was $43,875,000 against $9,170,000 a year ago. Net income attributable to the company was $30,066,000 or $0.53 per basic and diluted share against $5,023,000 or $0.10 per basic and diluted share a year ago. The increase in MIC's consolidated operating income for the quarter and six months ended June 30, 2014 reflects, lower base and performance fees incurred, improved results at Atlantic Aviation and increased contributions from the CP&E segment and the non-utility portion of Hawaii Gas, partially offset by higher selling, general and administrative expenses. Net cash provided by operating activities was $131,335,000 against $77,097,000 a year ago. Purchases of property and equipment were $36,053,000 against $38,450,000 a year ago. EBITDA excluding non-cash items was $146,125,000 against $114,390,000 a year ago. Maintenance capital expenditures were $6,463,000 against $8,571,000 a year ago. Maintenance capital expenditures were lower in the 2014 periods primarily as a result of the absence of expenditures incurred in 2013 in connection with the restoration of the Bayonne facility following Hurricane Sandy partially offset by the higher level of tank cleaning and inspections. Free cash flow was $112,261,000 against $89,346,000 a year ago. The decline in proportionately combined free cash flow per share to $2.15 for the six months ended June 30, 2014 compared with $2.17 for the six months ended June 30, 2013 was attributed primarily to a $0.16 per share increase in cash taxes at IMTT; and a delay in the closing of an acquisition by MIC's Atlantic Aviation business. Free cash flow generated by IMTT increased 32.7% and 27.9% to $32.2 million and $75.1 million for the quarter and six months ended June 30, 2014, respectively. The increase reflects lower maintenance capital expenditures and improved operating results, partially offset by the increased tax provision.
The company revised its guidance for free cash flow per share for the full year 2014 to $4.55 per share. Maintenance capital expenditures for the full-year are expected now to be $50 million to $55 million.
The company provided initial guidance for free cash flow per share for 2015 of $5.10 per share. If achieved, the free cash flow per share figures would represent year on year growth in 2014 of approximately 11.2% and approximately 12.1% in 2015.
Macquarie Infrastructure Company LLC Announces Increase in Second Quarter Cash Dividend Payable on August 14, 2014
Jul 7 14
Macquarie Infrastructure Company LLC announced that it has entered into an agreement to acquire the 50% of International-Matex Tank Terminals, or IMTT, it does not currently own. The company noted that with the signing of the acquisition agreement, its board has authorized an increase in the company's quarterly cash dividend. The dividend payable for the second quarter of 2014 will be $0.95 per share, or $3.80 annualized, up 1.3% from the dividend paid for the first quarter of 2014. The increased dividend will be payable on August 14, 2014 to shareholders of record on August 11, 2014.
Macquarie Infrastructure Company LLC Presents at Oppenheimer 9th Annual Industrials Growth Conference, May-13-2014 03:45 PM
May 13 14
Macquarie Infrastructure Company LLC Presents at Oppenheimer 9th Annual Industrials Growth Conference, May-13-2014 03:45 PM. Venue: InterContinental The Barclay Hotel, 111 East 48(th) Street, New York, New York, United States. Speakers: James Hooke, Chief Executive Officer.