Strong Quarter Caps Solid Year
Kinder Morgan Inc. (KMI) delivered a solid finish to the year, reporting fourth-quarter results that sailed past Wall Street's expectations. The energy infrastructure company posted revenue of $4.51 billion, comfortably ahead of the $4.31 billion consensus estimate. Adjusted earnings came in at 39 cents per share, topping the 37-cent forecast.
The numbers underneath look even better. Net income attributable to the company hit $996 million for the quarter, a substantial jump from $667 million in the same period last year. Adjusted EBITDA climbed 10% year-over-year to approximately $2.27 billion, suggesting the company's core operations are humming along nicely.
What's driving the momentum? Natural gas, mostly. Kinder Morgan highlighted its massive $10 billion project backlog, with natural gas infrastructure accounting for roughly 90% of upcoming work. That's a bet on continued strong demand for natural gas in the years ahead.
Leadership Sounds Confident Note
"It is particularly gratifying to maintain leadership in our sector by staying true to our original vision: owning midstream energy assets anchored by long-term, take-or-pay, fee-based contracts with creditworthy customers," said Richard Kinder, executive chairman. "I have no doubt that we will continue delivering strong growth, reliable performance, and sustained value for many years to come."
