Brookfield Infrastructure Partners L.P.
) announced first-quarter 2014 earnings of 89 cents per unit, a
penny higher than the Zacks Consensus Estimate. The bottom line
also came in higher than the year-ago earnings of 80 cents by
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The year-over-year improvement was due to incremental earnings
from its transport and energy businesses.
Total revenues at the end of the first quarter were $553 million,
down 4.5% from the prior-year quarter.
The partnership's direct operating costs during the quarter were
$239 million, down 15.6% from the comparable prior-year period.
General & administrative expenses decreased 3.6% year over
year to $27 million.
Adjusted EBITDA in the reported quarter was $287 million, up 7.1%
from the prior-year quarter.
Interest expenses in the reported quarter decreased 4.7% year
over year to $102 million.
Cash & cash equivalents as of Mar 31, 2014, were $363 million
versus $538 million as of Dec 31, 2013.
Cash from operating activities at the end of the first quarter
was $140 million versus $147 million in the year-ago quarter.
During the quarter the partnership used $112 million for cash
distribution among its unitholders.
Brookfield Infrastructure Partners aims to inject $500 million to
$1,000 million of capital in its operation this year.
Other Company Releases
) earnings came in at $2.29 per share in the first quarter,
beating the Zacks Consensus Estimate by 8.5%.
DTE Energy Co.
) reported first quarter 2014 operating earnings per share of
$1.69, beating the Zacks Consensus Estimate of $1.41 by 19.8%.
American Electric Power Company Inc.
) reported first quarter 2014 operating earnings of $1.15 per
share, beating the Zacks Consensus Estimate of 91 cents by 26.4%.
Brookfield Infrastructure Partners surpassed market expectation
with contributions coming in from the Australian railroad
program. Moreover, the worst fall in winter temperatures in more
than a decade elevated
The partnership continues to strategically acquire assets. This
February, Brookfield Infrastructure Partners announced it would
acquire a 50% equity stake in APM Terminals' (APMT) Elizabeth
container terminal located in the port of New York / New Jersey.
In March, the partnership closed the acquisition of a 50%
interest in Mitsui OSK Lines' (MOL) container terminals in Los
Angeles and Oakland.
The gradual improvement in the U.S. economy is bound to
reinvigorate activities at these terminals and benefit the
partnership over the long run.
Brookfield Infrastructure Partners currently holds a Zacks Rank