Last $56.68 USD
Change Today +0.28 / 0.50%
Volume 99.0K
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As of 6:40 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).

macquarie infrastructure co (MIC) Key Developments

Atlantic Aviation business Commits to Development of Hangar at Los Angeles International Airport

Atlantic Aviation business has reached agreement with Los Angeles World Airports for the development of a 36,500 square foot general aviation hangar at Los Angeles International Airport. Work to build the $7.8 million development has commenced. When complete, the new facility will feature secure parking for four large-cabin general aviation jet aircraft plus approximately 5,300 square feet of office space.

Macquarie Infrastructure Company LLC Presents at Global Hunter Securities Infrastructure & Construction Conference, Mar-19-2014

Macquarie Infrastructure Company LLC Presents at Global Hunter Securities Infrastructure & Construction Conference, Mar-19-2014 . Venue: JW Marriott, Chicago, Illinois, United States.

Macquarie Infrastructure Company's Hawaii Gas Business Receives Public Utilities Commission Approval on LNG Shipments

Macquarie Infrastructure Company announced that its Hawaii Gas business has received approval from the Hawaii Public Utilities Commission (HPUC) to land containerized liquefied natural gas (LNG) in Hawaii. The decision by the HPUC was issued on March 6, 2014. Hawaii Gas is currently the only company in Hawaii approved to introduce LNG into the state. Hawaii Gas intends to ship LNG from the U.S. mainland and use it as a backup fuel source for its synthetic natural gas operations on Oahu. The initiative will increase the reliability of its fuel supply to residential and commercial customers. Hawaii Gas intends to use ISO (International Organization for Standardization) containers to ship LNG from the West Coast to Oahu on conventional container ships. ISO containers typically hold approximately 10,000 gallons of LNG. The LNG will be re-gasified and introduced into Hawaii Gas' distribution pipelines in Honolulu using a mobile vaporization unit. Synthetic natural gas and re-gasified LNG are chemically virtually identical. Customers of Hawaii Gas should not notice any difference in the performance of their appliances as a result of the introduction of re-gasified LNG into the Hawaii Gas system.

Macquarie Infrastructure Company LLC Increases Cash Dividend for the Fourth Quarter of 2013, Payable on March 6, 2014; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014

On February 18, 2014, Macquarie Infrastructure Company LLC board authorized the payment of cash dividend of $0.9125 per share for the fourth quarter of 2013. The authorization represents an increase in the company's cash dividend of 4.3% and implies an annualized $3.65 per share. The fourth quarter dividend will be paid on March 6, 2014 to shareholders of record on March 3, 2014. The company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $260,527,000 against $251,421,000 a year ago. Operating income was $19,752,000 against operating loss of $26,710,000 a year ago. Net income before income taxes was $22,875,000 against net loss before income tax of $24,279,000 a year ago. Net income attributable to the company was $15,824,000 against net loss attributable to the company of $10,030,000 a year ago. Net cash provided by operating activities was $27,357,000 against $53,328,000 a year ago. Maintenance capital expenditures were $7,685,000 against $6,019,000 a year ago. EBITDA grew by 13.7% during the fourth quarter, although the increase was constrained by higher selling, general and administrative (SG&A) expenses. For the year, the company reported total revenue of $1,041,019,000 against $1,034,046,000 a year ago. Operating income was $45,639,000 against $29,525,000 a year ago. Net income before income taxes was $46,123,000 against $16,536,000 a year ago. Net income attributable to the company was $31,254,000 against $13,321,000 a year ago. Diluted income per share was $0.61 against $0.29 a year ago. Net cash provided by operating activities was $155,117,000 against $217,911,000 a year ago. Purchases of property and equipment were $111,208,000 against $39,288,000 a year ago. Maintenance capital expenditures were $18,582,000 against $19,851,000 a year ago. Effective management of expenses overall led to an increase in EBITDA of 10.8% for the full year. For 2014, the company expects to generate proportionately combined free cash flow of between $4.35 and $4.50 per share for the full year. The company is expecting its businesses to generate proportionately combined EBITDA of approximately $385.0 million for the year. In particular the company expects IMTT to incur maintenance capital expenditures of approximately $50 million in 2014.

Macquarie Infrastructure Company LLC, Q4 2013 Earnings Call, Feb 20, 2014

Macquarie Infrastructure Company LLC, Q4 2013 Earnings Call, Feb 20, 2014

 

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Price/Earnings 92.7x
Price/Sales 2.8x
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