Shares of Kinder Morgan Inc. rose 0.4%, to $19.63, after hours as the oil- and gas-pipeline operator reported fourth-quarter earnings. Here's what you need to know:
EARNINGS: Kinder Morgan reported a loss of 47 cents a share after it recorded a charge in response to the new tax law. The company said distributable cash flow, which it says a better measure of its financial health, rose 4%, to 53 cents a share, driven by growth in its natural gas and terminal and products pipelines business.
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REVENUE: Sales rose 7.2%, to $3.63 billion, topping analysts' expectations of $3.5 billion.
TAX IMPACT: The company said the $1.4 billion charge it logged this quarter related to writing down the value of deferred tax assets is just an initial estimate and the amount may be adjusted in the future. Chief Executive Steve Kean said the net impact of the tax changes will result in the company postponing the date when KMI becomes a federal cash taxpayer by approximately one year, to beyond 2024.
OUTLOOK: Kinder Morgan said it expects distributed cash flow to grow to $2.05 per share in 2018, compared with the $2.00 it recorded last year.
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(END) Dow Jones Newswires
January 17, 2018 17:10 ET (22:10 GMT)