InfraREIT (HIFR) Tops Q4 EPS by 3c

InfraREIT (NYSE: HIFR) reported Q4 EPS of $0.50, $0.03 better than the analyst estimate of $0.47. Revenue for the quarter came in at $58.7 million versus the consensus estimate of $69.49 million.

Outlook and Guidance

EPS is projected in the range of $1.29 to $1.39 for 2018. Non-GAAP EPS is estimated in the range of $1.22 to $1.32 for 2018. These guidance ranges have been adjusted to reflect the expected impact of the TCJA on the Company's lease revenue, reflecting a lower amount of percentage rent. The difference between Non-GAAP EPS and EPS is due to adjustments related to straight-line rent and expenses associated with the asset exchange transaction. InfraREIT expects to maintain the Company's current quarterly cash dividend of $0.25 per share, or $1.00 per share annualized through 2018. These forecasted amounts assume existing lease payments are made as scheduled in 2018.

The Company estimates footprint capital expenditures in the following ranges over the next three years: $50 million to $80 million for 2018; $10 million to $50 million for 2019; and $10 million to $50 million for 2020. The guidance ranges for 2018 and 2019 have been updated to reflect the deferral of the third synchronous condenser, which Sharyland expects to advance for review by ERCOT later in 2018 or 2019.

The Company's consolidated debt profile continues to target debt as a percentage of total capitalization at or below 60 percent and AFFO-to-debt of at least 12 percent.

The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company's financial outlook is posted in the Investor Relations section of the Company's Web site at www.InfraREITInc.com.

(Street sees FY EPS of $1.14 on revenue of $191.4 million)

For earnings history and earnings-related data on InfraREIT (HIFR) click here.

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