Brookfield Infrastructure Partners L.P.
) announced third-quarter 2013 earnings of 80 cents per unit,
5.3% higher than the Zacks Consensus Estimate of 76 cents. The
bottom line was much higher than the year-ago earnings of 58
The year-over-year improvement was due to organic growth in most
of its businesses, plus incremental earnings from its transport
and utilities businesses.
Total revenues at the end of the third quarter were $431 million,
up 15.3% from the prior-year quarter.
The partnership's direct operating costs during the quarter were
$187 million, decreasing 1.6% from the comparable prior-year
period. However, general & administrative expenses
increased 12% year over year to $28 million.
Adjusted EBITDA in the reported quarter was $272 million, up
38.1% from the prior-year quarter.
Interest expenses in the reported quarter increased 16% year over
year to $87 million.
The partnership exited the quarter with a strong cash balance.
Cash & cash equivalents as of Sep 30, 2013, were $280
million, higher than $263 million as of Dec 31, 2012.
Cash from operating activities at the end of the third quarter
was $189 million versus $152 million recorded in the year-ago
During the quarter the partnership invested $550 million to
increase its ownership in South American toll roads and enhance
its district energy platform by acquiring two systems in Houston
and New Orleans.
Other Company Releases
) reported earnings of 18 cents per share in the third quarter,
in line with the Zacks Consensus Estimate.
) announced third quarter 2013 operating earnings of $1.46 per
share, 20.7% higher than the Zacks Consensus Estimate of
American Electric Power Co., Inc.
) reported third quarter 2013 pro forma earnings of $1.10 per
share, surpassing the Zacks Consensus Estimate of $1.08 by 1.85%.
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Brookfield Infrastructure Partners continues to report strong
earnings results, thereby maintaining its surprise streak.
The partnership continues to strategically acquire and/or divest
assets. Brookfield Infrastructure Partners' decision to invest
more in Brazilian toll roads and enhance its infrastructure
logistics business in South America are appreciable, given the
expected spurt in activities for the upcoming World Cup and
Olympics in Brazil.
Brookfield Infrastructure Partners owns and operates
infrastructural assets on a global scale. The high quality, long
life assets allow the partnership to generate consistent cash
flow. The partnership currently retains a Zacks Rank #2 (Buy).