=Kinder Morgan (KMI) reported earnings on Wed 17 Oct 2018 (a/h)

Kinder Morgan reports EPS in-line, misses on revs

• Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.21; revenues rose 7.2% year/year to $3.52 bln vs the $3.57 bln S&P Capital IQ Consensus

Outlook:

• Co said, "For 2018, KMI's budget contemplates declared dividends of $0.80 per common share, DCF of ~$4.57 billion ($2.05 per common share) and Adjusted EBITDA of ~$7.5 billion. We currently expect to exceed those DCF and Adjusted EBITDA targets. KMI forecasts to invest $2.5 billion in growth projects during 2018, up $300 million from the budget, to be funded with internally generated cash flow without the need to access capital markets. KMI also expects to beat its budgeted leverage metric of a year-end Net Debt-to-Adjusted EBITDA ratio of ~5.1 times and expects to end the year with a ratio of 4.6 times, consistent with the current quarter (this ratio excludes the public share of the Kinder Morgan Canada Limited (KML) cash proceeds from the Trans Mountain transaction of ~$0.9 billion)."