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03.08.2021 07:00
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MIC Reports Second Quarter 2021 Financial And Operational Results
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PR Newswire
NEW YORK, Aug. 3, 2021
NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Macquarie Infrastructure Corporation (NYSE: MIC) (the "Company") today provided an update on the previously announced sales of its Atlantic Aviation and MIC Hawaii businesses and reported its operational and financial results for the second quarter of 2021.
"The increase in general aviation flight activity drove strong results in the quarter for Atlantic Aviation," said Christopher Frost, chief executive officer of MIC. "Within our MIC Hawaii segment, we benefited from an increase in visitor arrivals in Hawaii."
Update on Announced Sales
On June 7, 2021, MIC announced the sale of its Atlantic Aviation business (the "AA Transaction") to a newly formed entity controlled by KKR for $4.475 billion. On July 15, 2021, the waiting period for the Federal Trade Commission's review of the AA Transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired without comment.
The MIC Board of Directors set August 23, 2021 as the record date for a Special Meeting of Shareholders to be held at 10:00 am Eastern time on September 21, 2021. At the meeting, shareholders will be asked to approve the AA Transaction. If approved, MIC expects the AA Transaction to close at the end of the third quarter of 2021 and result in a distribution of approximately $37.35 per unit.
On June 14, 2021, MIC announced the merger of its MIC Hawaii businesses (the "MH Merger") into a newly formed entity managed by Argo Infrastructure Partners ("Argo") for $3.83 per unit.
On July 7, 2021, together with MIC Hawaii and Argo, the Company filed a petition with the Hawaii Public Utilities Commission seeking approval of the change of control over the regulated portion of Hawaii Gas as contemplated in the MH Merger. The approval process is expected to conclude in the first half of 2022. Shareholders will be asked to approve the MH Merger, in addition to the AA Transaction, at the September 21, 2021 Special Meeting of Shareholders.
Operational and Financial Results
MIC's results for the second quarter of 2021 reflect solid performance by its Atlantic Aviation subsidiary on the strength of the recovery in domestic general aviation flight activity and a continued positive trajectory in the performance of its MIC Hawaii businesses as tourism in Hawaii recovers from COVID-induced lows.
MIC recorded net income from continuing operations of $6.9 million compared with a net loss of $24.4 million in the second quarter of 2020 ("prior comparable period"). The improvement reflects primarily higher revenue and lower interest expense, partially offset by increases in operating expenses and income taxes.
The Company reported Adjusted EBITDA excluding non-cash items from continuing operations of $77.9 million for the quarter, versus $18.6 million in the prior comparable period.
MIC used $79.5 million of cash from operating activities during the quarter ended June 30, 2021 compared with cash provided by operating activities of $17.8 million in the prior comparable period. The change primarily reflects the payment of capital gains taxes related to the sale of the Company's IMTT business, partially offset by higher EBITDA excluding non-cash items.
The Company reported Adjusted Free Cash Flow from continuing operations of $51.6 million for the quarter, versus $1.2 million in the prior comparable period. The increase reflects higher EBITDA excluding non-cash items and lower cash interest, partially offset by higher cash taxes and maintenance capital expenditures.
Second Quarter 2021 Segment Results
Atlantic Aviation
Atlantic Aviation generated EBITDA excluding non-cash items of $70.3 million in the second quarter of 2021, up from $16.9 million in the prior comparable period and above the $61.9 million recorded in the second quarter of 2019. The result was driven by a substantial recovery in general aviation flight activity (take offs and landings) versus the second quarter in 2020.
As reported by the Federal Aviation Administration, same store general aviation flight activity at airports on which Atlantic Aviation operates increased by 137% in the second quarter compared with the second quarter of 2020 and increased by 11% versus the second quarter of 2019. The activity was substantially domestic in nature and was strongest at predominantly leisure-oriented destinations in the Intermountain West and Florida. Although activity at business-oriented destinations increased during the quarter, it remains below industry average and pre-pandemic levels.
MIC Hawaii
MIC Hawaii generated EBITDA excluding non-cash items of $11.1 million in the second quarter of 2021, up from $7.2 million in the second quarter of 2020 and down from $14.3 million in the second quarter in 2019. The result reflects the ongoing recovery in the number of visitors to Hawaii from the lows in 2020, although not yet to the historically high levels of 2019, partially offset by a higher cost of purchased propane.
Commercial and industrial gas consumption increased during the quarter with the higher number of visitor arrivals while residential gas consumption was stable. Total gas consumption increased by 54% versus the second quarter in 2020 but was 8% below consumption in the second quarter of 2019.
Corporate and Other
MIC's Corporate and Other segment result primarily includes fees payable to the Company's external manager, public company expenses and interest expense on holding company level debt. Higher expenditures in the second quarter of 2021, including costs incurred in connection with efforts to sell the Company's operating businesses, resulted in the generation of EBITDA excluding non-cash items of ($10.1) million compared with ($7.3) million the second quarter of 2020.
Discontinuing Financial Guidance
With the announced sales of Atlantic Aviation and MIC Hawaii, the Company will no longer provide outlook on the performance of its businesses and is withdrawing its previously provided guidance.
Summary Financial Information
| | Quarter Ended June 30, | | Change Favorable/ (Unfavorable) | | Six Months Ended June 30, | | Change Favorable/ (Unfavorable) | ||||||||||||||||||||
| | 2021 | | 2020 | | $ | | % | | 2021 | | 2020 | | $ | | % | ||||||||||||
| | ($ In Thousands, Except Share and Per Share Data) (Unaudited) | ||||||||||||||||||||||||||
| GAAP Metrics | | | | | | | | | | | | | | | | ||||||||||||
| Continuing Operations | | | | | | | | | | | | | | | | ||||||||||||
| Net income (loss) | $ | 6,933 | | | $ | (24,429) | | | 31,362 | | | 128 | | | $ | 20,730 | | | $ | (31,417) | | | 52,147 | | | 166 | |
| Net income (loss) per share attributable to MIC | 0.08 | | | (0.29) | | | 0.37 | | | 128 | | | 0.23 | | | (0.37) | | | 0.60 | | | 162 | | ||||
| Cash (used in) provided by operating activities | (79,539) | | | 17,779 | | | (97,318) | | | NM | | | (39,546) | | | 69,319 | | | (108,865) | | | (157) | | ||||
| Discontinued Operations | | | | | | | | | | | | | | | | ||||||||||||
| Net income | $ | — | | | $ | 17,131 | | | (17,131) | | | (100) | | | $ | — | | | $ | 35,346 | | | (35,346) | | | (100) | |
| Net income per share attributable to MIC | — | | | 0.20 | | | (0.20) | | | (100) | | | — | | | 0.41 Werbung Mehr Nachrichten zur Macquarie Infrastructure Company Aktie kostenlos abonnieren
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