Macquarie Infrastructure (MIC) Misses Q4 EPS by 45c, Revenues Miss

Macquarie Infrastructure (NYSE: MIC) reported Q4 EPS of ($0.18), $0.45 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $220 million versus the consensus estimate of $339.4 million.

"Our highest priority is the maximization of shareholder value through the timely sales of our remaining businesses. We believe the proposed reorganization will allow us to sell Atlantic Aviation sooner than we would likely be able to under our current corporate structure and without altering the tax consequences of any sale," said Christopher Frost, chief executive officer of MIC. "We will ask shareholders to approve the reorganization before we implement it."

MIC noted that the financial performance of its remaining operating businesses, Atlantic Aviation and the businesses comprising MIC Hawaii, were at the high end of expectations in the fourth quarter of 2020. The results reflect a strong holiday period for Atlantic Aviation and an increase in the number of visitors to Hawaii following the relaxation of travel restrictions from mid-October.

"Atlantic Aviation and MIC Hawaii have continued to recover from the low levels of activity caused by the outbreak of COVID-19 early in 2020," said Frost. "We are pleased with the stable performance of the businesses to date in 2021 and with the state of our balance sheet following the successful sale of IMTT at the end of last year."

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

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