Kinder Morgan Shares Sink on Revenue Disappointment
A miss on revenue sends shares of pipeline company Kinder Morgan lower.
Kinder Morgan (KMI) - Get Report shares sank after it reported lower-than-expected revenue in the fourth quarter. The company reported a profit of 8 cents a share, but revenue of $3.39 billion fell short of analysts estimates of $3.5 billion. Natural gas transport volumes fell in the latest quarter. But the energy infrastructure company said it plans to invest more than $3 billion in growth projects this year, and it also made strides to reduce its overall debt in 2016. Kinder Morgan also said its Utopia Pipeline Project should be in service by this time next year.
