Kinder Morgan Q1 Results Beat Consensus, Raises Dividend By 3%

Kinder Morgan Inc KMI reported that first-quarter FY22 revenue declined by 17.6% year-over-year to $4.29 billion, beating the consensus of $3.58 billion.
The operating income fell by 45.7% Y/Y to $1.02 billion, and the margin declined by 1,234 bps to 23.8%.
Adjusted EPS decreased to $0.32 from $0.60 in 1Q21, beating the consensus of $0.28.
Distributable cash flow (DCF) was $1.46 billion, compared to $2.33 billion in 1Q21.
Adjusted EBITDA decreased by 30% Y/Y to $1.97 billion, and margin fell by 818 bps to 45.8%.
KMI stated that, excluding Uri-related earnings from 2021 results, earnings per share for the quarter were up 17% and DCF per share was up 16% compared to the first quarter of 2021.
Natural gas transport volumes were up 2% Y/Y, increasing Kinder Morgan Louisiana Pipeline (KMLP), Natural Gas Pipeline of America (NGPL), and TGP. Natural gas gathering volumes were up 12% Y/Y.
Dividend: Kinder Morgan raised the quarterly dividend by 3% to $0.2775 per share for Q1, payable on May 16, 2022, to stockholders of record as of the close of business on May 2, 2022.
FY22 Outlook: KMI budgeted to generate net income attributable to KMI of $2.5 billion and declare dividends of $1.11 per share, a 3% increase from the 2021 declared dividends.
KMI also budgeted to generate a DCF of $4.7 billion and an adjusted EBITDA of $7.2 billion and end 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3 times.
Price Action: KMI shares are trading lower by 0.35% at $19.70 during the post-market session on Wednesday.
Photo via Wikimedia Commons

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