This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Reports Second Quarter 2012 Financial Results, Increases Cash Dividend To $2.50 Per Year

Stocks in this article: MIC

Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial results for the second quarter of 2012 including an announcement that the Company’s Board approved an increase in its quarterly cash dividend from $0.20 per share for the first quarter of 2012 to $0.625 per share for the second quarter of 2012 or $2.50 per share annualized.

MIC’s businesses generated proportionately combined free cash flow of $43.5 million or $0.93 per share during the period, compared with $34.2 million or $0.75 per share in the second quarter of 2011. For the six months ended June 30, 2012 proportionately combined free cash flow increased 21.3% to $1.88 per share compared with $1.55 per share for the six months ended June 30, 2011.

The increase in the Company’s dividend was anticipated. Management had indicated in May that with the receipt of $110.6 million in distributions from its investment in International-Matex Tank Terminals the dividend would be increased to “at least $2.00” per share annually. The second quarter dividend will be payable on August 16, 2012 to shareholders of record on August 13, 2012.

“I am extremely pleased with our Board’s decision to increase the quarterly cash dividend to an annualized $2.50 per share,” said James Hooke, Chief Executive Officer of Macquarie Infrastructure Company LLC, “and I am pleased to be able to back that decision by increasing our guidance on proportionately combined free cash flow to approximately $3.70 per share for 2012.” The Company had previously indicated that proportionately combined free cash flow would be between $3.50 and $3.60 per share in calendar 2012.

MIC regards free cash flow as an important tool in assessing the performance of its capital intensive, cash generative businesses. Proportionately combined free cash flow refers to the sum of the free cash flow generated by MIC’s businesses and investments in proportion to its equity interest in each and after holding company costs. See “Cash Generation” below for MIC’s definition of free cash flow and further information.

1 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • 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