This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Macquarie Infrastructure Company LLC Q1 2010 Earnings Call Transcript

I’ll begin our update this morning with a quick overview of our results. Two things stand out for this period. First, the overall performance of our bulk liquid storage business IMTT was outstanding. In the key area of cash generation, IMTT reported a year-over-year increase in free cash flow of 53%. The performance reflects the continued strong demand for storage and increasing capacity utilization and the contribution from projects completed during the past year.

Second, at Atlantic Aviation, the favorable trend in general aviation jet flight activity that began in the middle of 2009 continued through the first quarter of 2010. Activity on the airports which we operate was up 11% for the first three months of 2010 compared with 2009. The momentum was favorable within the quarter with activity up 14% in March compared with March in 2009.

As a result, fuel sales were up and although margins were down slightly, active management of the business produced free cash flow of more than $13 million for the quarter. That’s more than double the amount generated in the first quarter of 2009. In all, our businesses produced $36.7 million in free cash flow in the first quarter or approximately $0.81 per share.

This is an excellent result for MIC for the first quarter and provides a solid basis on which to build in 2010. I would suggest, however, that this figure should probably not be annualized for reasons I’ll go into in a moment.

Following some additional prepared remarks, we’ll take your questions about MIC’s performance and prospects. I’ll begin by providing some additional color on MIC’s operating performance during the quarter as well as commentary on some of the key elements of our consolidated results.

I will also have a few observations on our prospects for the balance of 2010. As most of you know by now, MIC is a cash driven story. As reported in our results press release last night, we enjoyed continued strong performance from our operating businesses during the first quarter. The cash produced in our businesses in the manner we employed during our full year 2009 results call in February.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs