ge in timing versus 2019 as spending for the full year is expected to be broadly consistent with 2019. This presentation is based on information generally available to the public and does not contain any material, non - public information. Through June 30, the Company had deployed $119 million in growth projects. 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. 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. About MIC. 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. Based on data published by the Federal Aviation Administration, U.S. domestic general aviation flight activity declined by an average of 46% during the quarter compared with the second quarter in 2019. In a separate press release, MIC today announced its intention to pursue strategic alternatives including the sale of the Company or its operating businesses as a part of ongoing efforts to unlock shareholder value. Macquarie Infrastructure Corporation (NYSE: MIC) today announced its second quarter 2020 operational and financial results. Quarterly Results. It has been prepared solely for informational purposes; it is not a solicitation of any offer to buy or sell any security or instrument. The dividend will be paid November 14, 2019 to shareholders of record on November 11, 2019. ... 2Q20 Results downloads. Supplemental Materials: MIC will prepare slides in support of its conference call. It is proprietary and all rights are reserved. About MIC. Macquarie Infrastructure Company Trust was succeeded by Macquarie Infrastructure Company LLC effective January 1, 2007. The Company deployed $52 million in the third quarter as work commenced on projects that had been delayed by high water on the Lower Mississippi River, bringing total deployment of growth capital to $143 million through the end of the third quarter. IMTT generated EBITDA excluding non-cash items of $68 million in the second quarter of 2020, up from $64 million in the prior comparable period. The use of cash is expected to be partially offset by incremental EBITDA generated by the projects completed during the year. Jay Davis Jay Davis - … This information is a general description of Macquarie Infrastructure Corporation (MIC). 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. The company is acting to preserve cash so long as the coronavirus pandemickeeps the travel industry on hold. These transactions have increased our financial flexibility and we expect to use the net proceeds to fund additional growth projects,” Frost added. 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. 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. Menu. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC. Prior performance is not a reliable indicator of future results. It is based on information generally available to the public and does not contain any material, nonpublic information. 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. Jay Davis - … MIC also reaffirmed its guidance for the generation of Adjusted Free Cash Flow in a range of $390 to $435 million in 2019. Any reproduction, in whole or in part, without the prior written consent of MIC is prohibited. 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). Portfolio. MIC's actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Revenue from ancillary services including for throughput, blending, and heating was flat with the second quarter in 2019. 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. Storage utilization levels at IMTT are expected to be in a mid- to high-80s percent range at year end. 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 … For the full year MIC expects to distribute approximately 84% of its Adjusted Free Cash Flow as dividends. A webcast of the call will be accessible via the Company’s website at www.macquarie.com/mic. A copy of the release can be found on MIC’s website. lee.lubarsky@macquarie.com. Travel restrictions and mandatory quarantining reduced average daily visitor arrivals to Hawaii by over 95% versus the same period in 2019. Allow extra time prior to the call to visit the site and download the software needed to listen to the webcast. lee.lubarsky@macquarie.com. These links have been provided solely for you to obtain further information about other relevant products and entities in the market. The decrease reflects an approximately 40% decline in gas consumption led by hotels and restaurants. Excluding the impact of the write-down, the MIC Hawaii result was flat year on year. MIC Hawaii generated EBITDA of $12 million versus EBITDA of ($5) million in the third quarter of 2018. The forward-looking events discussed may not occur. 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. 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. MIC is a Delaware corporation formed on May 21, 2015. The result for the quarter includes a provision for remediation of environmental matters of $7 million, net of insurance recoveries. Inclusion of a link to a third party site should not be construed as that party's endorsement of this site. The Company completed the sale of its portfolio of wind and solar power businesses in the third quarter, generating approximately $210 million net of taxes and transaction fees. Ancillary services generally comprise less than 20% of IMTT’s revenue. 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. Earnings … 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. MIC Hawaii generated EBITDA excluding non-cash items of $7 million in the second quarter of 2020, down from $14 million in the prior comparable period. Macquarie Infrastructure has generated $4.70 earnings per share over the last year and currently has a price-to-earnings ratio of 29.4. The agreement was filed with the Securities and Exchange Commission this morning. Macquarie Infrastructure Corp ... we have published a press release summarizing the results and filed the financial report on Form 10-Q with the … MIC generated cash from operating activities of $73 million in the second quarter, down from $108 million in the prior comparable period. Additional risks of which we are not currently aware could also cause MIC's actual results to differ. mic@macquarie.com, Lee Lubarsky Fees payable to MIC’s external manager are a fixed percentage of its market capitalization less cash at the holding company level. 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). IMTT is an industry leader in bulk liquids terminalling. MIC reaffirmed its guidance for the payment of dividend of $1.00 per share in the fourth quarter of 2019. Further information can be found on this website or by contacting us. +1 (212) 231 2638 These items may vary greatly from year to year and could significantly impact MIC’s results as reported in accordance with GAAP. Growth capital deployment expected to top $200 million in 2019. The change in mix of traffic and the associated decline in fuel sales was consistent with both the absence of any material international activity and the fact that the Atlantic Aviation network serves centers of economic activity and populous regions that have generally been subject to more stringent lockdowns associated with COVID-19. Macquarie Infrastructure Corporation 2020 Q2 - Results - Earnings Call Presentation Aug. 4, 2020 1:34 PM ET | About: Macquarie Infrastructure Corporation (MIC) mic@macquarie.com, Lee Lubarsky Prior performance is not a reliable indicator of future results. Head of Investor Relations 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.”. MIC expects to deploy cash of between $200 and $225 million on projects to which it is contractually obligated. You are advised to make your own enquiries in relation to third parties described or linked on this site. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC. On November 8, 2020, MIC entered into an agreement to sell its bulk liquid storage and handling … A required reclassification of transaction costs from continuing operations to discontinued operations drove most of the improvement. Leverage stable at 3.6x net debt / EBITDA, as forecast. This information is a general description of Macquarie Infrastructure Corporation (MIC). 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. “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. About MIC. This site may contain links to other websites operated or owned by entities that are not controlled or owned by Macquarie Group (Macquarie). 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. NEW YORK, May 5, 2020 /PRNewswire/ -- Macquarie Infrastructure Corporation (NYSE: MIC) today announced its first quarter 2020 operational and financial results. MIC Level Strategy Macquarie Infrastructure Corporation (NYSE:MIC) Q3 2020 Results Earnings Conference Call November 9, 2020 8:00 AM ET. Data provided by the Federal Aviation Administration showed general aviation flight activity in the third quarter increased 0.7% industry-wide and increased 1% at the airports on which Atlantic Aviation operates. +1 (212) 231 2638 MIC expressly disclaims the adoption or endorsement of any content on any such website. The decrease reflects the reduced contributions from each of Atlantic Aviation and MIC Hawaii, including a $7 million provision for estimated costs of remediating certain environmental matters recorded in selling, general and administrative expenses at Atlantic Aviation, partially offset by an increased contribution from IMTT. It has been prepared solely for informational purposes; it is not a solicitation of any offer to buy or sell any security or instrument. The decline reflects primarily expected higher labor costs and property taxes at IMTT. 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. Macquarie Infrastructure Corporation (MIC) MIC owns, operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the U.S. … These gains were partially offset by anticipated increases in labor costs and property taxes at IMTT and unfavorable movements (non-cash) in the value of commodity hedges. Any reproduction, in whole or in part, without the prior written consent of MIC is prohibited. The decrease reflects the reduction in Adjusted EBITDA excluding non-cash items and higher maintenance capital expenditures, partially offset by a current tax benefit. The Company expects its leverage ratio to increase through the remainder of the year based on the impact of COVID-19 on its financial performance and its use of a portion of its current cash balance to fund growth projects. MIC’s aggregate leverage ratio increased to approximately 4.8 times net debt/Adjusted EBITDA excluding non-cash items (trailing twelve-month basis) on June 30, 2020. 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