Kinder Morgan Q2 Profit Jumps 21%, Lifts Full-Year EPS Outlook 12% Above Forecast
KMI sits 27% above its 52-week low of $25.6.
Summary
Kinder Morgan delivered a strong Q2 beat, with profit rising 21% to $867M and revenue up 11% to $4.48B, both well above analyst estimates. Adjusted EPS of $0.37 trounced the $0.32 consensus. The company now expects full-year adjusted EPS to come in 12% above its prior $1.36 forecast, a significant guidance raise. The project backlog dipped to $9.6B as several large projects entered service, but the board has contingently approved nearly $400M in new projects not yet in the backlog. This follows a May refinancing of its $3.5B credit facility, extending maturities to 2031. The results underscore the tailwind from rising natural gas demand driven by LNG exports, power generation, and industrial growth, directly benefiting KMI's pipeline and storage assets.
At the time of this announcement, KMI was trading at $32.51 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $72.3B. The 52-week trading range was $25.60 to $34.81. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.