During the second quarter, the Company continued to actively pursue these alternatives although travel and other restrictions on interactions imposed by COVID-19 slowed the process, as expected. Except as otherwise specified, all references in this Form 10-K to “MIC”, “we”, “us”, and “our” refer to Macquarie Infrastructure Corporation and its subsidiaries. “Our current cash balances, excluding drawings on our revolving credit facility, together with the cash we believe our businesses will generate over the remainder of the year, are expected to fund our ongoing operations and allow us to meet all of our financial obligations,” noted Frost. Reflecting the reduction in debt, MIC’s leverage (net debt / EBITDA) was 3.6x at the end of the third quarter. The results reflect the ongoing impact of COVID-19 related travel restrictions, quarantines and event cancellations on the Company’s Atlantic Aviation and MIC Hawaii segments, partially offset by improved performance in its IMTT segment. The increase was partially offset by the repayment of a $350 million tranche of holding company Convertible Senior Notes in July 2019 and higher interest income in the prior comparable period. Company Participants. Revenue from ancillary services including for throughput, blending, and heating was flat with the second quarter in 2019. MIC or Macquarie has no control over the information on these sites or the products or services on them, and therefore makes no representations regarding the accuracy or suitability of the information, services, or products described on them. Free Cash Flow at Atlantic Aviation totaled $12 million for the quarter, down from $41 million in the prior comparable period primarily as a result of the decline in EBITDA excluding non-cash items, partially offset by an income tax benefit, lower cash interest expense and lower maintenance capital expenditures. Christopher Frost, MIC’s Chief Executive Officer, said: “Our bulk liquid storage and handling business, IMTT, saw sustained high levels of storage utilization and generated year-on-year improvement in financial performance while a partial recovery in general aviation flight activity in the U.S. contributed to a better than anticipated result at Atlantic Aviation. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The Board of Directors of Macquarie Global Infrastructure Total Return Fund Inc. (NYSE:MGU) (the “Fund”) declared on Dec. 2, 2020, a regular distribution for the month ending Nov. 30, 2020 of $0.075 per share. Head of Investor Relations  The results reflect the ongoing impact of COVID-19 related travel restrictions, quarantines and event cancellations on the Company’s Atlantic Aviation and MIC Hawaii segments, partially offset by improved performance in its IMTT segment. MIC’s Corporate and Other segment recorded EBITDA of ($5) million for the quarter versus ($6) million in the prior comparable period. Macquarie Group Limited and its related corporations are not otherwise currently authorized to accept deposits or conduct banking business in any other jurisdiction. Macquarie Bank Limited maintains Representative Offices in the states of Illinois, New York and Texas, but is not authorized to conduct business in the US. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC. Macquarie Group Limited and its related corporations are not otherwise currently authorized to accept deposits or conduct banking business in any other jurisdiction. The Company’s Adjusted Free Cash Flow from continuing operations totaled $46 million in the second quarter, down 48% from $88 million in the prior comparable period. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The Company expects leverage to be approximately 4.1x at the end of 2019 as it funds growth projects and pays capital gains taxes resulting from the sale of the renewables businesses. General aviation flight activity declined by approximately 80% at the end of March compared with the same period in 2019 and has remained at similarly reduced levels through April. To facilitate the pursuit of strategic alternatives, MIC also announced that it has entered into a disposition agreement with Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), the external manager of the Company. This site may contain links to other websites operated or owned by entities that are not controlled or owned by Macquarie Group (Macquarie). Macquarie Infrastructure Corporation (NYSE: MIC) reported financial and operational results for the third quarter of 2018 that were in line with expectations. Replay: For interested individuals unable to participate in the live conference call, a replay will be available after 2:00 p.m. on October 31, 2019 through midnight on November 6, 2019, at +1(404) 537-3406 or +1(855) 859-2056, Passcode: 9578278. IMTT generated Free Cash Flow of $44 million in the quarter, down from $45 million in the prior comparable period, reflecting the increase in EBITDA excluding non-cash items offset by higher maintenance capital expenditures. MIC's actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. It is proprietary and all rights are reserved. Jay Davis Macquarie Infrastructure Corporation (NYSE: MIC) today announced its third quarter 2019 financial results including the generation of net income from continuing operations of $15 million compared with net income of $2 million in the third quarter of 2018 (the prior comparable period). Macquarie Infrastructure Corporation Reports Third Quarter 2019 Financial and Operational Results (Including Financial Tables), Results in line with management's guidance, In a separate press release today, MIC announced its intention to pursue strategic alternatives, 2019 guidance for EBITDA, Free Cash Flow and dividends reaffirmed, Quarterly cash dividend of $1.00 per share authorized, Storage utilization at IMTT increases sequentially to an average of 85.2% from 82.9%; substantially all heavy and residual oil storage on the Lower Mississippi River now leased, Flight activity increases 1% at airports at which Atlantic Aviation operates, Sales of remaining renewable power facilities completed, Leverage stable at 3.6x net debt / EBITDA, as forecast, Growth capital deployment expected to top $200 million in 2019. Adjusted EBITDA excluding non-cash items from continuing operations totaled $87 million in the second quarter, down from $134 million in the prior comparable period. Supplemental Materials: MIC will prepare slides in support of its conference call. MIC expects to deploy between $200 and $220 million in support of growth projects across its businesses in 2019. MIC reported a net loss from continuing operations of $8 million for the quarter, compared with net income of $6 million in the second quarter of 2019. These links have been provided solely for you to obtain further information about other relevant products and entities in the market. The reduced revenue was partially offset by lower expenses including fees payable to the Company’s external manager, lower unrealized losses on interest rate hedges and an income tax benefit. In this article we are going to estimate the intrinsic value of Macquarie Infrastructure Corporation by taking the expected future cash flows and discounting them to … Holding company level cash interest expense increased to $6 million for the quarter from $4 million in the prior comparable period due to the Company having drawn $599 million on its revolving credit facility in March. MIC or Macquarie has no control over the information on these sites or the products or services on them, and therefore makes no representations regarding the accuracy or suitability of the information, services, or products described on them. On November 8, 2020, MIC entered into an agreement to sell its bulk liquid storage and handling … Prior performance is not a reliable indicator of future results. It contains forward-looking statements. The payment of a dividend is predicated on, 1) the composition of the MIC portfolio of businesses remaining unchanged, 2) the businesses and operations performing as expected and at levels that support the dividend, and 3) general economic conditions and stability in the broader market. Portfolio. A lifting of lockdown measures in additional markets and a recovery in business oriented travel could increase flight activity, although the absence of most event-related and international travel together with increases in COVID-19 infections in certain states, could limit further recovery in 2020,” said Frost.Atlantic Aviation generated EBITDA excluding non-cash items of $66 million in the first quarter of 2020, down 16% versus the prior comparable period. MIC is a Delaware corporation formed on May 21, 2015. Macquarie Infrastructure Corp ... we have published a press release summarizing the results and filed the financial report on Form 10-Q with the … Through June 30, the Company had deployed $119 million in growth projects. MIC’s consolidated revenue declined to $405 million from $421 million in the prior comparable period reflecting primarily the absence of revenue from smaller businesses sold during the past year partially offset by an increase in the volume of fuel sold and services provided by Atlantic Aviation as well as an increase in storage utilization at International-Matex Tank Terminals (IMTT). How: To listen to the conference call dial +1(650) 521-5252 or +1(877) 852-2928 at least ten minutes prior to the scheduled start time. However, the amount of fuel sold during June was down 28% as shorter flights in smaller aircraft comprised a larger proportion of total activity. Allow extra time prior to the call to visit the site and download the software needed to listen to the webcast. "Atlantic Aviation recorded an increase in both the volume of fuel sold and hangar rental services provided to our customers, driven in part by an increase in general aviation flight activity.". NEW YORK, Aug. 4, 2020 /PRNewswire/ -- Macquarie Infrastructure Corporation (NYSE: MIC) today announced its second quarter 2020 operational and financial results. Webcasts, presentations, Management Discussion and Analysis and other financial information available. The materials will be available for downloading from the Company’s website prior to the call. Other members of the Macquarie Group are subject to regulation in the regions in which they operate. The presentation has been prepared solely for information purposes and is not a solicitation of an offer to buy or sell any security or instrument. MIC expressly disclaims the adoption or endorsement of any content on any such website. MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). By linking to sites operated by third parties, MIC or Macquarie is not authorizing the reproduction of any material on such sites, as such material may be the subject of intellectual property rights. Macquarie Infrastructure Corporation (NYSE: MIC) today announced its second quarter 2020 operational and financial results. MIC’s predecessor, Macquarie Infrastructure Company LLC, was formed on April 13, 2004. MIC also reaffirmed its guidance for the generation of Adjusted Free Cash Flow in a range of $390 to $435 million in 2019. Shares of Macquarie Infrastructure Corporation (NYSE:MIC) are down 25.8% at 12:28 p.m. on April 3, following the after-hours announcement yesterday that the company was suspending its dividend due to severely reduced demand for aviation fuel and energy services at two of its three main businesses. Macquarie Infrastructure Corporation (MIC) MIC owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. … The MIC board of directors authorized a cash dividend of $1.00 per share, or $4.00 annualized, for the third quarter consistent with guidance provided in February 2019. MIC’s Chief Executive Officer, Christopher Frost, said: “MIC’s results for the third quarter of 2019 were consistent with our guidance and commentary previously provided to the market. The result for the quarter includes a provision for remediation of environmental matters of $7 million, net of insurance recoveries. Earnings … Prior performance is not a reliable indicator of future results. Macquarie Infrastructure Corp ... we have published a press release summarizing the results and filed the financial report on Form 10-Q with the … This information is a general description of Macquarie Infrastructure Corporation (MIC). MIC reaffirmed its full-year 2019 guidance for the generation of Adjusted EBITDA excluding non-cash items of between $600 and $625 million. Macquarie Infrastructure Corporation (NYSE:MIC) Q3 2020 Results Earnings Conference Call November 9, 2020 7:50 AM ET. Macquarie Group's interim and annual results. NEW YORK, NY / ACCESSWIRE / November 9, 2020 / Macquarie Infrastructure Corp. (NYSE:MIC) will be discussing their earnings results in their … Macquarie Infrastructure Corporation (MIC) owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. MIC owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. Macquarie Infrastructure Corporation (NYSE: MIC) today announced its third quarter 2019 financial results including the generation of net income from continuing operations of $15 million compared with net income of $2 million in the third quarter of 2018 (the prior comparable period). Excluding the impact of the write-down, the MIC Hawaii result was flat year on year. Macquarie Infrastructure Corp ... we have published a press release summarizing the results and filed a financial report on Form 10-Q with the … Base management fees decreased to $4 million from $7 million in the prior comparable period with the decline in MIC’s market capitalization and the increase in the amount of cash held on its balance sheet. Growth capital deployment expected to top $200 million in 2019. Macquarie Infrastructure Corporation (NYSE:MIC) Q3 2020 Results Earnings Conference Call November 9, 2020 8:00 AM ET. MIC expressly disclaims the adoption or endorsement of any content on any such website. A copy of the release can be found on MIC’s website. MIC Level Strategy “While the timeline for the process has been extended due to COVID-19, we remain committed to unlocking value for shareholders through a sale or sales,” said Frost. These links have been provided solely for you to obtain further information about other relevant products and entities in the market. MIC is a Delaware corporation formed on May 21, 2015. Cash generated by MIC’s operating activities during the third quarter increased 30% to $157 million versus the prior comparable period primarily as a result of current taxes payable as a result of the sale of the Company’s portfolio of renewable power businesses. This site may contain links to other websites operated or owned by entities that are not controlled or owned by Macquarie Group (Macquarie). Macquarie Infrastructure has not formally confirmed its next earnings publication date, but the company’s estimated earnings date is Thursday, November 5th, 2020 based off prior year’s report dates. +1 (212) 231 1825 The decline reflects primarily expected higher labor costs and property taxes at IMTT. IMTT is an industry leader in bulk liquids terminalling. Quarterly Results. Flight activity across the Atlantic Aviation network was down 23% in June 2020 compared with June 2019 reflecting the substantial sequential recovery during the quarter. When: MIC has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, October 31, 2019 during which management will review and comment on the third quarter 2019 results. It is based on information generally available to the public and does not contain any material, nonpublic information. Cost reduction initiatives implemented early in the quarter enabled us to achieve targeted levels of expense savings while continuing to provide a high level of service and support to our customers.”. An online archive of the webcast will be available on the Company’s website for one year following the call. Macquarie Infrastructure has generated $4.70 earnings per share over the last year and currently has a price-to-earnings ratio of 29.4. On October 31, 2019, MIC announced that it was pursuing strategic alternatives including the sale of the Company or one or more of its operating businesses as a means of unlocking value. Additional risks of which we are not currently aware could also cause MIC's actual results to differ. MIC has appointed Lazard as its lead financial advisor and White & Case as its legal counsel in connection with its pursuit of strategic alternatives. Macquarie Infrastructure Corporation Common Stock (MIC) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Storage utilization levels at IMTT are expected to be in a mid- to high-80s percent range at year end. IMTT generated EBITDA of $62 million, down 10% compared with the third quarter in 2018 primarily reflecting an anticipated increase in labor costs and higher property taxes. mic@macquarie.com, Lee Lubarsky About MIC. These transactions have increased our financial flexibility and we expect to use the net proceeds to fund additional growth projects,” Frost added. MIC expects to deploy cash of between $200 and $225 million on projects to which it is contractually obligated. Utilization at the end of the second quarter was 95.7%. With respect to the Company’s guidance for EBITDA and Free Cash Flow in 2019, a reconciliation of EBITDA to net income (loss), the most comparable GAAP measure and a reconciliation of Free Cash Flow to cash from operating activities, the most comparable GAAP measure, are not available without unreasonable effort due to the Company’s limited visibility into and an inability to make accurate projections and estimates of items including management fees, hedging agreements, depreciation and any (benefit) provision for income taxes. Other members of the Macquarie Group are subject to regulation in the regions in which they operate. Macquarie Infrastructure Corp ... we have published a press release summarizing the results and filed the financial report on Form 10-K with the … This presentation is based on information generally available to the public and does not contain any material, non - public information. A webcast of the call will be accessible via the Company’s website at www.macquarie.com/mic. Inclusion of a link to a third party site should not be construed as that party's endorsement of this site. Atlantic Aviation generated EBITDA excluding non-cash items of $17 million in the second quarter of 2020, down 73% from $62 million in the prior comparable period. “The partial recovery in general aviation flight activity in the quarter resulted in an increased contribution from Atlantic Aviation relative to the end of the first quarter. Based on the Fund’s net asset … Macquarie Infrastructure Corporation (MIC) owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. MIC owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. Macquarie Infrastructure Corporation (NYSE: MIC) today announced its second quarter 2020 operational and financial results. mic@macquarie.com, Lee Lubarsky MIC Hawaii generated Free Cash Flow of $3 million for the quarter, down from $10 million in the prior comparable period, as a result of the decrease in EBITDA excluding non-cash items and higher income taxes, partially offset by lower maintenance capital expenditures. Stock analysis for Macquarie Infrastructure Corp (MIC:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Macquarie Infrastructure Corporation Reports Second Quarter 2020 Financial and Operational Results (Including Financial Tables), Second quarter results reflect the impact of COVID-related travel and other restrictions on Atlantic Aviation and MIC Hawaii, offset by improved performance of International-Matex Tank Terminals, General aviation flight activity increases from April lows through quarter end driving better than expected cash contribution from Atlantic Aviation, Company remains confident in capital and liquidity position, ability to manage costs. It is based on information generally available to the public and does not contain any material, nonpublic information. The decrease primarily reflects the reduced EBITDA excluding non-cash items generated by each of Atlantic Aviation and MIC Hawaii and declines in the amounts of products purchased and lower wholesale product prices, partially offset by declines in the amount of product sold and lower retail product prices. 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