CorEnergy Infrastructure (CORR) Reports Q4 FFO Loss of $0.14/sh

CorEnergy Infrastructure (NYSE: CORR) reported Q4 FFO of ($0.14), versus $0.94 reported last year. Revenue for the quarter came in at $5.88 million, versus $21.7 million reported last year.

Outlook

CorEnergy provided the following outlook subsequent to its February 4, 2021 acquisition of Crimson California.

• Revenue expected to be $130-$135 million annualizing both CORR’s legacy assets and Crimson’s assets for 2021
• Internalization of manager expected to result in approximately $2.0 million of annualized SG&A savings
• Expected run rate combined EBITDA of $50-$52 million on an annualized basis beginning in Q2 2021
• Maintenance capital expenditures expected to be in the range of $10-$11 million in 2021
• Initial annualized dividend of $0.20, targeting $0.35-$0.40 upon a return to pre-COVID market conditions in California, with near term commercial opportunities providing upside
• Total leverage at closing of 4.4x expected EBITDA; senior secured leverage of 2.1x
• Term Loan amortization scheduled at $8.0 million per year facilitates deleveraging to a target of

For earnings history and earnings-related data on CorEnergy Infrastructure (CORR) click here.

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