Q1 23 EPS
$0.30
BEAT +3.45%
Est. $0.29
Q1 23 Revenue
$3.89B
MISS 18.46%
Est. $4.77B
Did KMI Beat Earnings? Q1 2023 Results
Kinder Morgan posted a steady but softening first quarter in 2023, reporting earnings per share of $0.30 on revenue of $3.89 billion, as rising interest costs and weaker commodity prices weighed on bottom-line momentum even as the core pipeline busin… Read more Kinder Morgan posted a steady but softening first quarter in 2023, reporting earnings per share of $0.30 on revenue of $3.89 billion, as rising interest costs and weaker commodity prices weighed on bottom-line momentum even as the core pipeline business held firm. GAAP net income attributable to KMI edged up to $679 million from $667 million a year earlier, though adjusted earnings slipped to $675 million from $732 million, and distributable cash flow declined to $1.37 billion with DCF per share falling 5% to $0.61. The Natural Gas Pipelines segment was the clear engine of resilience, with adjusted segment EBDA climbing to $1.43 billion from $1.30 billion, fueled by stronger contributions from the Texas Intrastate system and an 18% surge in gathering volumes across the Haynesville and Eagle Ford systems. Offsetting that strength, net interest expense rose sharply to $445 million from $333 million following January's $1.50 billion senior notes issuance. Management held full-year 2023 guidance steady, targeting $4.80 billion in DCF and $7.70 billion in adjusted EBITDA, confident the base business can absorb continued commodity price pressure.
Key Takeaways
- • Natural Gas Pipelines segment strength driven by higher contributions from Texas Intrastate, Midcontinent Express, and El Paso Natural Gas
- • Natural gas gathering volumes up 18% primarily from Haynesville and Eagle Ford systems
- • Natural gas transport volumes up 3% driven by EPNG pipeline return to service and coal plant retirement
- • Terminals benefited from rate escalations, strong export coal and petroleum coke volumes, and improving Jones Act tanker rates
- • Built-in tariff and contract escalators across Products Pipelines and Terminals
- • Liquids leased capacity improved to 92.8% from 90.6% year-over-year
- • Jet fuel volumes up 12% versus Q1 2022
KMI YoY Financials
Q1 2023 vs Q1 2022, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our extensive and interconnected network continued to generate strong earnings this quarter, particularly in our Natural Gas Pipelines and Terminals business segments.”
— Steve Kean, Q1 2023 Earnings Press Release
KMI Earnings Trends
KMI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KMI EPS Trend
Earnings per share: estimate vs actual
KMI Revenue Trend
Quarterly revenue: estimate vs actual
KMI Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.39 | $0.48 | +22.11% | $4.83B | +6.19% |
| Q4 25 BEAT FY | $0.37 | $0.39 | +6.82% | $4.51B | +4.15% |
| FY Full Year | $1.28 | $1.30 | +1.44% | $16.94B | +0.45% |
| Q3 25 MISS | $0.30 | $0.29 | -2.85% | $4.15B | +4.67% |
| Q2 25 BEAT | $0.27 | $0.28 | +3.09% | $4.04B | +7.85% |
| Q1 25 MISS | $0.36 | $0.34 | -4.84% | $4.24B | +5.34% |
| Q4 24 MISS FY | $0.33 | $0.32 | -2.71% | $3.99B | -3.59% |
| FY Full Year | $1.18 | $1.15 | -2.16% | $15.10B | -2.46% |
| Q3 24 MISS | $0.27 | $0.25 | -7.41% | $3.70B | -6.94% |
| Q4 23 MISS FY | $0.30 | $0.27 | -10.00% | $4.04B | -8.41% |
| FY Full Year | — | $1.06 | — | $15.33B | — |
| Q3 23 MISS | $0.26 | $0.24 | -7.69% | $3.91B | -17.12% |
| Q2 23 BEAT | $0.24 | $0.26 | +8.33% | $3.50B | -23.13% |
| Q1 23 BEAT | $0.29 | $0.30 | +3.45% | $3.89B | -18.46% |
| Q4 22 BEAT FY | $0.30 | $0.31 | +3.33% | $4.58B | -6.79% |
| FY Full Year | — | $1.16 | — | $19.20B | — |