What happened
Investors were energized about energy infrastructure company Kinder Morgan (KMI 3.13%) on Thursday. After the company unveiled its latest set of quarterly results, its share price advanced to close the day more than 2% higher, a contrast from the nearly 0.8% decline of the S&P 500 index.
So what
For its fourth quarter, Kinder Morgan booked just under $4.58 billion in revenue, which was a touch over 3% higher on a year-over-year basis. Non-GAAP (adjusted) net income headed north more sharply, rising by 16% to hit $708 million, or $0.31 per share.
This represented a mixed quarter for Kinder Morgan. Analysts were collectively estimating it would earn $4.91 billion on the top line but only $0.30 in adjusted, per-share net income.
In its earnings release, Kinder Morgan singled out the natural gas and carbon dioxide segments as being particularly strong drivers of growth during the period. Meanwhile, liquefied natural gas (LNG) is poised to be increasingly important for its business in the proximate future.
The company also announced that its board of directors approved an increase in its share-repurchase authorization, from $2 billion to $3 billion.
Finally, Kinder Morgan disclosed that CEO Steve Kean will vacate his position, effective this coming Aug. 1, although he will retain his seat on the board. The company's current president, Kim Dang, will replace him as CEO.
Now what
Kinder Morgan proffered guidance for the entirety of 2023, forecasting that it will post headline net income of $2.5 billion for the year. It will also bump its dividend payouts slightly higher on a year-over-year basis -- by 2%, to an annual total of $1.13 per share.
