Kinder Morgan says 3Q net income rises 32 percent
HOUSTON -- Kinder Morgan Inc. said Wednesday its third-quarter net income rose nearly 32 percent as the nation's largest natural-gas pipeline operator benefited from its acquisition of El Paso Corp in May.
The Houston energy company said its net income totaled $200 million, or 17 cents per share, for the three-month period that ended Sept. 30. That compared with net income of $152 million, or 19 cents a share, in the year-ago quarter.
Revenue increased to $2.87 billion from $2.12 billion.
Analysts surveyed by FactSet had been expecting net income of 27 cents per share on revenue of $2.7 billion.
Kinder Morgan Chairman and CEO Richard D. Kinder said the company benefited from a full quarter's contributions from El Paso Pipeline Partners and natural gas assets it acquired as part of its $20 billion purchase of El Paso Corp. It also saw a strong performance from Kinder Morgan Energy Partners LP.
The company said its future results will be driven mainly by its ownership of the general partner of Kinder Morgan Energy Partners LP and El Paso Pipeline Partners LP.
Kinder Morgan's board approved a quarterly cash dividend of 36 cents per share, which is a 20 percent increase over the dividend paid in the third quarter of 2011. It will be payable Nov. 15 to shareholders of record as of Oct. 31.
The company released its results after the market closed. Its shares rose 25 cents to finish at $35.77 and added 3 cents in after-hours trading. The price has ranged from $26.91 to $40.25 per share during the past 52 weeks.