Kinder Morgan Earnings: KMI Stock Slides on Q1 Revenue Miss

Kinder Morgan (NYSE:) reported its financial results for its latest quarter and it was a mixed bag as earnings came in exactly in line with what Wall Street called for in its consensus estimate, while revenue was below what analysts predicted, playing a role in KMI stock falling after hours on Wednesday.

The Houston, Texas-based energy business said that for its first quarter of its fiscal 2019, it brought in a profit of $556 million, which tallied up to roughly 24 cents per share. When adjusting for non-recurring costs, the company’s earnings were roughly 25 cents per share.

This amount was in line with what Wall Street predicted for Kinder Morgan’s adjusted earnings total. The average estimate of seven analysts who were surveyed by Zacks Investment Research was also for earnings of around 25 cents per share.

The oil and natural gas pipeline and storage business added that its revenue for its first quarter came in at roughly $3.43 billion, which was below what Wall Street projected in its guidance. The Zacks survey of three analysts was projecting a consensus guidance of approximately $3.64 billion.

KMI stock was down roughly 0.6% during regular trading hours as the energy infrastructure business prepared itself to report its results for its first three months of its fiscal 2019. Shares then declined just below 1% after the bell following the company’s quarterly earnings showing, which left something to be desired.

The post appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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