Pipeline operator Kinder Morgan misses first-quarter profit estimates
The results come as the energy industry braces for the impact of U.S. President Donald Trump's tariffs on most Canadian and Mexican imports, including levies on steel imports, "reciprocal" tariffs on other nations, as well as falling crude prices.
However, Kinder Morgan left its annual profit forecast unchanged and said it does not expect tariffs to have a significant impact on project economics.
"We began efforts to mitigate the potential impact early in the quarter by preordering critical project components, negotiating caps on cost increases, and securing domestic steel and mill capacity for our larger projects, which total two-thirds of our project backlog," said CEO Kim Dang.
For the quarter ended March 31, Kinder Morgan posted a net income of $717 million, compared to $746 million during the same period last year.
The Houston, Texas-based firm posted an adjusted profit of 34 cents per share for the three months ended March 31, compared with analysts' estimate of 35 cents per share, according to data compiled by LSEG.
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