Q3 24 EPS
$0.25
MISS 7.41%
Est. $0.27
Q3 24 Revenue
$3.70B
MISS 6.94%
Est. $3.97B
vs S&P Since Q3 24
+17.0%
BEATING MARKET
KMI +42.9% vs S&P +25.9%
Market Reaction
Did KMI Beat Earnings? Q3 2024 Results
Kinder Morgan fell short of Wall Street expectations in the third quarter of 2024, posting adjusted EPS of $0.25 against a consensus estimate of $0.27, a miss of 7.41%, while revenue of $3.70 billion trailed the $3.97 billion forecast by 6.94% and de… Read more Kinder Morgan fell short of Wall Street expectations in the third quarter of 2024, posting adjusted EPS of $0.25 against a consensus estimate of $0.27, a miss of 7.41%, while revenue of $3.70 billion trailed the $3.97 billion forecast by 6.94% and declined 5.4% year over year. The primary culprit was lower commodity prices, which weighed on the Products Pipelines and CO2 segments and compressed top-line results even as the company's core Natural Gas Pipelines business delivered meaningful growth, with that segment's Adjusted EBITDA climbing to $1.28 billion from $1.20 billion a year earlier on stronger volumes and contributions from the STX Midstream acquisition. On a GAAP basis, net income attributable to Kinder Morgan rose to $625.00 million from $532.00 million, aided by favorable derivative fair value changes. Looking ahead, management trimmed its full-year outlook, now guiding Adjusted EBITDA roughly 2% below its original budget, though full-year Adjusted EBITDA and EPS are still expected to rise 5% and 9%, respectively, versus 2023, with the company pointing to surging natural gas demand from AI data centers and industrial re-shoring as longer-term tailwinds.
Key Takeaways
- • Higher contributions from Texas Intrastate system
- • Additional contributions from STX Midstream acquisition
- • Higher contributions from Tennessee Gas Pipeline expansion projects
- • Natural gas transport volumes up 2% YoY
- • Natural gas gathering volumes up 5% YoY driven by Haynesville and Eagle Ford systems
- • Terminals expansion projects placed in service and higher rates at New York Harbor hub
- • Fully contracted Jones Act tankers at higher rates
- • Increased petroleum coke and fertilizer volumes in bulk terminals
KMI YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
KMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“The company had a solid third quarter on increased financial contributions from our Natural Gas Pipelines and Terminals business segments, with Adjusted EBITDA up 2% versus the third quarter of 2023.”
— Kim Dang, Q3 2024 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 | — |