Macquarie Infrastructure (MIC) Misses Q4 EPS by 13c, Revenues Miss

Macquarie Infrastructure (NYSE: MIC) reported Q4 EPS of $0.16, $0.13 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $424 million versus the consensus estimate of $441.5 million.

MIC's Chief Executive Officer, Christopher Frost, said of the Company's results for 2019: "MIC's financial and operational results for the year were consistent with our expectations and guidance to the market. We are pleased with the favorable trends in storage utilization at IMTT and the opportunities to expand the business and we remain confident in its prospects.

"Atlantic Aviation delivered an anticipated contribution to our overall results despite growth in U.S. general aviation flight activity that was below the average of the past several years. Atlantic Aviation was successful in attracting and servicing larger aircraft and recorded an increase in both the amount of fuel sold and earnings from ancillary services such as hangar rentals.

"Results for MIC Hawaii reflect moderation in demand for gas services provided by Hawaii Gas associated with above average temperatures, although these were offset by the full-year benefit of the new utility rates implemented in mid-2018 and lower propane prices.

"I am pleased with both the performance of our operating businesses in 2019 and our liquidity and believe they position us well as we work to unlock additional value for shareholders through a sale of the Company or one or more of its operating businesses," Frost added.

For earnings history and earnings-related data on Macquarie Infrastructure (MIC) click here.

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