Kinder Morgan Inc (NYSE:KMI) posted financial results for the third quarter after the market close on Wednesday. Here’s a rundown of the report.
- Kinder Morgan stock is at critical resistance. Why are KMI shares at highs?
Kinder Morgan Q3 Highlights
Kinder Morgan reported third-quarter revenue of $4.53 billion, beating the consensus estimate of $4.38 billion, according to Benzinga Pro. The energy infrastructure company reported adjusted earnings of 35 cents per share for the quarter, beating estimates of 32 cents per share.
Kinder Morgan said it now has the largest natural gas expansion project backlog in company history, at $13.2 billion of an overall $14.4 billion project backlog. The company noted it added $5.4 billion to its backlog in the quarter.
“Our natural gas business in particular is benefiting from increasing LNG exports, rising power demand, and industrial expansion and is capitalizing on significant opportunities for investment across our footprint,” said Richard Kinder, executive chairman of Kinder Morgan.
The company’s board approved a cash dividend of $0.2975 per share for the quarter, payable on Nov. 16 to shareholders of record as of Nov. 2.
Kinder Morgan affirmed full-year expectations for adjusted earnings of $1.36 per share versus estimates of $1.54 per share.
KMI Stock Climbs After Hours
KMI Price Action: Kinder Morgan shares were up 3.03% in after-hours, trading at approximately $35 at the time of publication on Wednesday, according to Benzinga Pro.
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