Kinder Morgan, Inc. (KMI: Quote) reported a second-quarter net loss to company of $125 million compared to profit of $132 million last year.
Total loss per class A share was $0.17 compared to profit of $0.17 prior year. Revenues increased to $2.17 billion from $1.95 billion last year.
Income from continuing operations was $38 million compared to $42 million prior year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.26 per share on revenue of $2.51 billion for the quarter. Analysts' estimates typically exclude special items.
The company's board increased the quarterly cash dividend to $0.35 per share, which is payable on Aug.15, 2012, to shareholders of record as of July 31, 2012. This represents a 17 percent increase over the second quarter 2011 cash distribution per unit of $0.30.
Chairman and CEO Richard Kinder said, "KMI had an excellent quarter, benefiting from the strong performance of Kinder Morgan Energy Partners (KMP), and realizing partial-quarter contributions from our new publicly traded pipeline partnership - El Paso Pipeline Partners (EPB) - and the natural gas assets we obtained from the acquisition of El Paso Corporation, which closed on May 24. We remain focused on fully integrating the new organization, and we are well on our way to achieving anticipated annual cost savings of more than $400 million, which is higher than our original estimate of $350 million."
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by RTT Staff Writer
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