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
TheStreet Open House

Macquarie Infrastructure Company LLC Reports Third Quarter 2012 Financial Results, Increases Cash Dividend To $2.75 Annualized

Business Outlook

MIC has revised its full year 2012 guidance for proportionately combined free cash flow to approximately $3.51 per share taking into consideration the impact of the interest rate swap break payment associated with the refinancing of debt facilities at Hawaii Gas. Normalized for the impact of the swap break payment, the Company’s guidance for proportionately combined free cash flow remains $3.70 per share. For the nine months ended September 30, 2012, MIC’s businesses generated $2.57 per share in proportionately combined free cash flow.

The Company also reaffirmed its segment level guidance for 2012.

IMTT

  • The business is expected to produce EBITDA of between $230.0 and $240.0 million
  • Increases in average storage rates are expected to be between 6.5% and 7.5%
  • Maintenance capital expenditures are expected to be approximately $50.0 million
  • The business is expected to pay cash state and federal income taxes of approximately $20.5 million - IMTT is not a part of MIC’s consolidated federal income tax group

Hawaii Gas

  • The business is expected to generate EBITDA of between $55.0 and $57.5 million
  • Maintenance capital expenditures are expected to be approximately $7.0 million.
  • The business is expected to incur cash state income taxes of approximately $1.5 million - a federal tax liability of approximately $4.8 million will be offset in consolidation by holding company level net operating loss carryforwards

District Energy

  • The business is expected to generate EBITDA of between $21.0 and $22.0 million.
  • Maintenance capital expenditures are expected to be approximately $1.0 million
  • The business is expected to incur cash income taxes totaling $1.0 million after application of available net operating loss carryforwards

Atlantic Aviation

  • The business is expected to generate EBITDA of between $130.0 and $135.0 million.
  • The volume of GA fuel sold and the margin achieved on those sales is expected to continue to improve with the broader economy in the U.S.
  • Maintenance capital expenditures are expected to be approximately $11.5 million
  • The business is expected to incur cash state income taxes totaling $1.8 million - a federal income tax liability of approximately $0.6 million will be offset in consolidation by holding company level net operating loss carryforwards

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, November 1, 2012 to review the Company’s results.

9 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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