Macquarie Infrastructure Company LLC (NYSE:MIC) reported its financial results for the third quarter of 2013 including the declaration of a quarterly cash dividend of $0.875 per share. The dividend will be paid on November 14, 2013 to shareholders of record on November 11, 2013.
MIC’s businesses generated proportionately combined Free Cash Flow of $57.0 million or $1.08 per share during the quarter, compared with $32.1 million or $0.69 per share in the comparable period in 2012. Excluding interest rate swap breakage costs incurred by MIC’s Hawaii Gas business in the third quarter of 2012, underlying proportionately combined Free Cash Flow increased 40.0% in the third quarter of 2013. Underlying proportionately combined Free Cash Flow per share increased 18.9% to $3.28 for the nine months ended September 30, 2013 compared with $2.76 for the nine months ended September 30, 2012.
MIC’s proportionately combined Free Cash Flow per share in 2013 reflects an approximate 6.4 million share (13.6%) increase in the weighted average number of shares outstanding. The increase is associated primarily with a public equity offering conducted by the Company in May 2013 as well as management and performance fees settled in shares during the past year.
“The performance of our businesses in the third quarter was largely in line with our expectations and positions us to deliver proportionately combined free cash flow for the full year that is consistent with our guidance and consistent with the generation of approximately $337.0 million in proportionately combined EBITDA,” said James Hooke, Chief Executive Officer of Macquarie Infrastructure Company LLC.“We are reaffirming our guidance of $4.10 to $4.20 in proportionately combined Free Cash Flow for calendar year 2013. On a trailing twelve month basis, MIC has generated $4.09 per share in proportionately combined Free Cash Flow so we’re already within sight of our guidance range as we end the third quarter,” Hooke added.