Kinder Morgan, Inc. (KMI) has reported a 39.68 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $440 million, or $0.18 a share in the quarter, compared with $315 million, or $0.12 a share for the same period last year. On an adjusted basis, earnings per share were at $0.17 for the quarter compared with $0.18 in the same period last year.
Revenue during the quarter grew 7.17 percent to $3,424 million from $3,195 million in the previous year period. Gross margin for the quarter contracted 869 basis points over the previous year period to 68.43 percent. Total expenses were 71.38 percent of quarterly revenues, down from 74.46 percent for the same period last year. This has led to an improvement of 308 basis points in operating margin to 28.62 percent.
Operating income for the quarter was $980 million, compared with $816 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1,820 million compared with $1,883 million in the prior year period. At the same time, adjusted EBITDA margin contracted 578 basis points in the quarter to 53.15 percent from 58.94 percent in the last year period.
President and chief executive officer Steve Kean said, "We are pleased with our operational performance, which is slightly ahead of guidance we provided in January for the quarter, and we remain on target for the year. We generated earnings per common share for the quarter of $0.18 and distributable cash flow of $0.54 per common share, resulting in $935 million of excess distributable cash flow above our dividend."
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