Macquarie Infrastructure Company 3Q Substantially Higher Than Estimates

Macquarie Infrastructure Company MIC reported very strong 3Q proportionately combined FCF/share of $0.94, substantially higher than Oppenheimer's/Street estimates of $0.69/$0.62. “The beat was primarily driven by IMTT, as its Oil Mop benefited from the Gulf oil clean-up,” Oppenheimer writes. “Mgmt announced intentions to reinstate the dividend in 2011, which we believe will be permanent, announced sometime around 1Q11 results and be funded entirely from non-Aviation FCF. IMTT growth unaffected by this, given its $500M of dry powder.” Macquarie Infrastructure Company currently trades at $18.67.