By Yasin Ebrahim
Investing.com - Kinder Morgan (NYSE:KMI) reported Wednesday first quarter results that topped expectations, led by strong growth in its natural gas pipeline business following a surge in prices during the Texas freeze earlier this year.
Kinder Morgan shares gained 2.81% in after-hours trade following the report.
Kinder Morgan announced earnings per share of 60 cents on revenue of $5.21 billion. Analysts polled by Investing.com anticipated EPS of 24 cents on revenue of $3.02 billion.
"The bulk of our improvement in net income and DCF is due to the strong performance of our Natural Gas Pipelines segment in the face of challenging circumstances presented by the February winter storm," the company said.
A cash dividend of 27 cents per share was declared for Q1 ($1.08 annualized), representing a 3% increase over the fourth quarter of 2020.
Looking ahead to the full-year 2021, the company now expects to generate net income - attributable to KMI - in a range of $2.7 billion to $2.9 billion, and declared dividends of $1.08 per share, a 3% increase from the 2020 declared dividends.
Distributable cash for the full-year was estimated in a range of $5.1 billion to $5.3 billion, and Adjusted EBITDA in a range of $7.6 billion to $7.7 billion. Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar