Macquarie Infrastructure (MIC) Misses Q2 EPS by 5c, Revenues Miss

Macquarie Infrastructure (NYSE: MIC) reported Q2 EPS of ($0.09), $0.05 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $261 million versus the consensus estimate of $295.7 million.

Christopher Frost, MIC's Chief Executive Officer, said: "Our bulk liquid storage and handling business, IMTT, saw sustained high levels of storage utilization and generated year-on-year improvement in financial performance while a partial recovery in general aviation flight activity in the U.S. contributed to a better than anticipated result at Atlantic Aviation.

"We remain confident in the outlook for MIC and its operating businesses over the medium term despite the impact of COVID-19 on our results for the second quarter. Cost reduction initiatives implemented early in the quarter enabled us to achieve targeted levels of expense savings while continuing to provide a high level of service and support to our customers."

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

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