=Kinder Morgan (KMI) reported earnings on Wed 20 Apr 2016 (a/h)

Kinder Morgan misses by $0.06, misses on revs; expects to declare dividends of $0.50 per share for 2016 :

• Reports Q1 (Mar) earnings of $0.12 per share, $0.06 worse than the Capital IQ Consensus of $0.18; revenues fell 11.2% year/year to $3.19 bln vs the $3.76 bln Capital IQ Consensus.
• Co approved a quarterly cash dividend of $0.125 ($0.50 annualized) payable on May 16, 2016, to shareholders of record as of the close of business on May 2, 2016.
• KMI expects to declare dividends of $0.50 per share for 2016 and use cash in excess of dividend payments to fund growth investments and strengthen its balance sheet.
• KMI's budgeted distributable cash flow available to common equity holders (i.e., after payment of preferred dividends) is approximately $4.7 billion and budgeted EBITDA is approximately $7.5 billion. Due to continued weakness in the energy sector in 2016, the company now expects EBITDA to be about 3 percent below its plan and distributable cash flow to be about 4 percent below its plan.
• KMI expects to generate excess cash sufficient to fund its growth capital needs without needing to access capital markets and expects to achieve its targeted year-end debt to EBITDA ratio of 5.5 times.
• KMI's growth capital forecast for 2016 is approximately $2.9 billion, a reduction of $400 million from its budget of approximately $3.3 billion and a reduction of $1.3 billion from its preliminary 2016 guidance of approximately $4.2 billion.