Kinder Morgan Q1 Results Miss Estimates; Boosts Dividend

(RTTNews) - Kinder Morgan, Inc. (KMI) reported net income attributable to company for the first quarter of $469 million or $0.22 per share, compared to $287 million or $0.28 per share for the year-ago quarter.

Revenue for the first quarter fell to $3.60 billion from $4.05 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $4.55 billion for the first quarter.

Kinder Morgan also said that its board of directors approved an increase in its quarterly cash dividend to $0.48 per share, payable on May 15 to shareholders of record on April 30. This represents a 14%increase over the first quarter 2014 dividend of $0.42 per share and is up from $0.45 per share for the fourth quarter of 2014.

Looking forward, KMI expects to declare dividends of $2.00 per share for 2015, an about 15% increase over the 2014 declared dividend of $1.74 per share.