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Toronto Star
31-07-2025
- Business
- Toronto Star
Brookfield Infrastructure Reports Solid Second Quarter 2025 Results
BROOKFIELD, News, July 31, 2025 (GLOBE NEWSWIRE) — Brookfield Infrastructure Partners L.P. (Brookfield Infrastructure, BIP, or the Partnership) (NYSE: BIP; TSX: today announced its results for the second quarter ended June 30, 2025. 'We had an active second quarter with our capital recycling strategy. We made three marquee acquisitions and also generated substantial proceeds from asset sales,' said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. 'Our ability to consistently buy high-quality assets for value and monetize mature investments at attractive returns, continues to differentiate our platform and positions us well to self-fund a growing pipeline of opportunities.'
New York Times
30-07-2025
- Sport
- New York Times
A brief history of the Joe Thornton Award, a fake trophy for best debut with a new team
It's summer and nothing's happening. Let's make up another fake award. We did this last summer, when we introduced the Sam Pollock Trophy for a season's best trade. Prior to that, we've also done the Jimmy Carson Trophy for best sophomore season, as well as the Ray Bourque Trophy for best final season. None of these actually exist, but they should, and that's enough for our purposes. Advertisement For today's award, we're going to create the Joe Thornton Award for the best debut with a new team. A couple of quick rules: Rookie debuts have their own award, so they don't count — a player has to have previously played for another NHL team before joining a new one. Unlike most awards, we're taking the playoffs into consideration. And finally, a player has to have played at least half the season with his new team, because I don't feel like figuring out how to rate deadline pickups. Other than that, the field is open — we can be looking at trades, free-agent signings, waiver pickups or whatever else. We'll cover the cap era, starting with a 2006 recipient. It's Slow News Summer, let's argue about an award that doesn't exist. The contenders: We're starting with what might be the toughest call in the whole exercise, or at least the most crowded field of contenders. The first season after the lockout featured a ton of turnover around the league, as teams adjusted to the new salary cap after having been dormant since 2004. You might assume that Joe Thornton would win the Joe Thornton Award. But it's no sure thing, as we have to consider other Hall of Famers, including Atlanta's Marian Hossa, Anaheim's Scott Niedermayer and Edmonton's Chris Pronger, plus Teemu Selanne going back to the Ducks. But the winner is: Thornton. He's the only player to ever win a Hart Trophy and Art Ross during a season that saw him switch teams, which is kind of hard to overlook. But it's closer than you'd have thought, and there are going to be future seasons where we'll wish we had anywhere near this deep a field. The contenders: It's not as star-studded as last year, but we do have some solid candidates. Alex Tanguay had a point-per-game debut with the Flames after coming over from Colorado, while Marc Savard dropped 96 points in Boston after leaving Atlanta. Advertisement But the bigger stars are on the back end. You might expect Zdeno Chara to be an easy pick here after signing with the Bruins, but he actually had a so-so debut in Boston, only finishing 20th in Norris voting in 2007 before being a finalist in 2008 and winning in 2009. So this one really comes down to Anaheim's Chris Pronger, who was a Norris finalist, or Vancouver's Roberto Luongo, who was the Vezina runner-up. But the winner is: I'm tempted to go with Pronger, since we said the playoffs count and he was dominant there as always while helping the Ducks win it all. But Luongo finished second in Hart voting that year, so I think he probably has to be the pick. The contenders: The field thins out in Year 3 of the cap era, with no goalie candidates apart from Florida's Tomas Vokoun and a forward crop that's limited to the big UFA class of 2007 — Chris Drury, Daniel Briere and Scott Gomez — all of whom were good but not great. But the winner is: I'm going to use this lackluster year as an excuse to give an award to a classic Hall of Very Good guy in Brian Rafalski, who went from New Jersey to Detroit as a free agent and then finished ninth in Norris voting to go with a Cup run. The contenders: Oof. There aren't many. In fact, if you look at the top point scorers for the 2007-08 and 2008-09 seasons combined, not one name in the top 35 played for multiple teams. The goalies aren't much help, and the best blue-line option is probably Brian Campbell, who signed in Chicago and had 52 points in his debut. But the winner is: Marian Hossa, whose one year in Detroit saw him score 40 goals during the season and six more in a playoff run that famously ended just short of the Cup. The contenders: My first thought was that Hossa could win back-to-back, but his first season in Chicago saw him limited to 57 regular-season games, and he somehow only scored three goals in their Cup run. That's still enough to put him in the running in another thin year — put it this way, I spent way too much time trying to talk myself into the Scott Gomez as a Canadien experience. Advertisement But the winner is: Call it a homer pick if you want, but Phil Kessel had 30 goals in his Leafs debut despite missing the first month due to what was basically the last injury of his career. See, Leaf fans, the trade worked out great. The contenders: Antti Niemi was solid in his first year in San Jose after winning a Cup for the Hawks. With essentially nothing to choose from up front, his main competition will come from the blue line. But the winner is: It's another ex-Hawk, as Dustin Byfuglien scores 20 goals for the Thrashers after being a cap casualty in Chicago. The contenders: My first thought was Brent Burns going from the Wild to the Sharks, but his debut season wasn't great. There's a surprisingly solid case for Ilya Bryzgalov's first year in Philadelphia, and in theory, I shouldn't be using the benefit of hindsight here, but I just can't do it. But the winner is: Let's go with Brad Richards, whose first year as a Ranger saw him bank 66 points. This one also ends badly, but not Bryzgalov-level bad. The contenders: The big names here are the two Wild mega-contracts, Ryan Suter and Zach Parise. Don't sleep on PA Parenteau, who went nearly a point-per-game after joining the Avalanche. But the winner is: Suter. I'd forgotten that he finished as the Norris runner-up in his first year in Minnesota, just barely losing out to P.K. Subban. That's kind of a fascinating vote; I wonder how different Suter's HHOF case would feel if he had that Norris instead of falling a few votes short. For now, Hall voters will have to settle for factoring in his Thornton Award. The contenders: This is a tough year, with most of the biggest transactions coming around the deadline (including Martin St. Louis, Ben Bishop and Roberto Luongo). Mark Streit is worth a look for the Flyers here, as is Cory Schneider in New Jersey. Advertisement But the winner is: Tyler Seguin, who had 84 points and plenty of Hart votes despite not being the sort of guy who pays the price. That's the third ex-Bruins to win our award, by the way, a number nobody else will surpass. The contenders: It's another weak field, although Thomas Vanek was solid after joining the Wild and Paul Stastny was OK in St. Louis. But the focus ends up being on the goalies, where we have names such as Jaroslav Halak with the Islanders and Ryan Miller in Vancouver. But the winner is: Devan Dubnyk, who becomes our second winner from a midseason move. He went from journeyman to Vezina finalist in half a season in Minnesota, even finishing fourth in MVP voting. The contenders: Ryan Johansen and Seth Jones just get in under the wire of our half-season rule, but neither has enough time to really stake out a claim for the Thornton. Dougie Hamilton has a solid first year in Calgary, and we get a couple of strong goaltending options in Edmonton's Cam Talbot and San Jose's Martin Jones. But the winner is: We said we're counting playoff performance, so I think we have to go with the forward who had 59 points on his new team before exploding in the postseason for what should have been a Conn Smythe performance. Yes, it's our first two-time winner: Phil Kessel gets his second Thornton for his first year in Pittsburgh. The contenders: First things first — no, Taylor Hall didn't win the MVP in his first season in New Jersey. He was actually just OK in Year 1, with 53 points before banking 93 in Year 2. But while Hall is out, we still have two more contenders from that wild hour. The question is, who takes the Thornton: Shea Weber or P.K. Subban? But the winner is: Subban, in a photo finish. Weber was actually a bit better during the regular season and finished sixth in Norris voting. But Subban makes up that gap during the playoffs, leading the Predators to the Stanley Cup Final. Advertisement The contenders: Mike Smith is solid in Calgary, and Artemi Panarin is excellent in Columbus. But 2018 throws a wrench into our process by introducing expansion, meaning we've got an entire roster in Vegas that's 'new' to a team. Should that count? Probably not, but somebody should have thought of that before we started this whole thing, and here we are. But the winner is: Marc-Andre Fleury, who went .927 for a team we all thought would be terrible. William Karlsson finishes a close second. The contenders: The biggest name to switch teams is Erik Karlsson, going from Ottawa to San Jose, but his production dipped and he missed nearly 30 games. There's also John Tavares, who scored a career-best 47 goals in his first year in Toronto, and Robin Lehner having a career year in his one season with the Islanders. But the winner is: The playoffs loom large once again. Tavares is the clubhouse leader in April, but Ryan O'Reilly's Conn Smythe playoff run in St. Louis allows him to make up the ground and steal the Thornton. The contenders: It's a crowded field, with names such as J.T. Miller, Jacob Trouba and Mike Smith all in play. Sadly, Phil Kessel doesn't do quite enough in Arizona to make a run at a three-peat. But really, this year's award comes down to the Blue Jackets. Or rather, the ex-Blue Jackets, as Matt Duchene, Sergei Bobrovsky and Artemi Panarin all depart in free agency. But the winner is: Panarin, and it's not all that close. He racks up 95 points in a shortened season with the Rangers, finishing as a Hart finalist and runaway Thornton winner. The contenders: Jacob Markstrom was OK in his first year in Calgary, but his big breakthrough came in season two. Alex Pietrangelo missed a big chunk of his first season in Vegas. And the forward list is just bleak — of the top 60 points leaders from 2019 to 2021, only one played for multiple teams. And that was Mike Hoffman, playing for two teams you have no recollection of him ever being on. Advertisement But the winner is: Let's go with Devon Toews, who fits in well enough in Colorado to earn some Norris votes after coming over from the Islanders. The contenders: It's another expansion year, meaning every veteran from the Kraken is eligible. We've also got Seth Jones in Chicago and Dougie Hamilton in New Jersey, plus a sneaky-good comeback year from Shayne Gostisbehere in Arizona. But this one really comes down to a couple of forwards. But the winner is: In some years, Pavel Buchnevich's 30-goal debut with the Blues would get it done. But this year, he's narrowly beaten out by Sam Reinhart, who goes from Buffalo to Florida and immediately explodes for a career year. Don't worry, Sabres fans, he probably won't keep that up. The contenders: This was that weird year where half the league changed goalies, and the blue line has some interesting names such as Brent Burns and MacKenzie Weegar. But yeah, I'm guessing that last name kind of gave it away. But the winner is: It's going to be an ex-Flame, and since we're factoring in the playoffs, that means a fairly easy win for Matthew Tkachuk in Florida over Johnny Gaudreau in Columbus. The contenders: It's another weak field, one that nearly opens the door for Erik Karlsson's disappointing debut in Pittsburgh to take home the trophy. Instead, my vote came down to two forwards: Alex DeBrincat in Ottawa, or Matt Duchene in Dallas. But the winner is: DeBrincat's numbers were a bit better, but Duchene is a center, and more importantly, he's moved around so much in his career that we should probably give him a Thornton as a lifetime achievement award. The contenders: We end with a strong field, although not necessarily one built around the names we would have expected. Instead, this one largely comes down to Jake Guentzel's 41 goals in Tampa against a trio of goalies: Ottawa's Linus Ullmark, Washington's Logan Thompson and L.A.'s Darcy Kuemper. Advertisement But the winner is: Offense sells, but I think we have to go with Kuemper here, based on his Vezina finalist season that kind of came out of nowhere. The contenders: There is literally no way to know, and it would be silly to even pick someone. But the winner is: Just kidding, we've already engraved Mitch Marner's name on the trophy. (Top photo of Joe Thornton in 2006: Elsa / Getty Images)
Globe and Mail
30-04-2025
- Business
- Globe and Mail
Brookfield Infrastructure Reports Solid First Quarter 2025 Results
BROOKFIELD, News, April 30, 2025 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (Brookfield Infrastructure, BIP, or the Partnership) (NYSE: BIP; TSX: today announced its results for the first quarter ended March 31, 2025. 'We delivered solid financial results during the quarter, underpinned by our strong balance sheet and growing cash flow that is highly contracted and indexed to inflation,' said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. 'We expect to deliver strong performance through economic uncertainty and market cycles, with some of our best investment opportunities materializing during these types of periods.' Brookfield Infrastructure reported net income of $125 million for the three-month period ended March 31, 2025 compared to $170 million in the prior year. Current quarter results benefited from strong organic growth within our businesses and realized gains on the sale of mature and de-risked assets. This result was partially offset by higher borrowing costs and mark to market losses on our corporate hedging activities, which contributed gains in the prior period. Funds from operations (FFO) for the first quarter was $646 million, a 5% increase over the prior year period. The increase was driven by strong inflation indexation, higher revenues across our critical infrastructure networks, the commissioning of over $1.3 billion of new capital from our capital backlog and the contribution from tuck-in acquisitions completed in the last year. Results also benefited from increasing utilization at our midstream assets and strong new contracting within our data center business. These results were partially offset by the impact of foreign exchange, higher borrowing costs and the foregone income associated with our capital recycling initiatives completed last year. Segment Performance The following table presents FFO by segment: For the three months ended March 31 US$ millions, unaudited 1 2025 2024 FFO by segment Utilities $ 192 $ 190 Transport 288 302 Midstream 169 170 Data 102 68 Corporate (105) (115) FFO 4 $ 646 $ 615 The utilities segment generated FFO of $192 million, slightly ahead of the prior year. FFO would have increased 13% year-over-year when normalized for currency impacts and capital recycling activities at our Brazilian regulated gas transmission business in the first quarter of last year. This reflects the inflationary benefits embedded within our portfolio and the contribution from $450 million of capital commissioned into rate base. FFO for the transport segment was $288 million, compared to $302 million in the prior year period. After normalizing for the impact of foreign exchange, most notably the depreciation of the Brazilian real, results for the segment were in line with the prior period. Despite experiencing some volume contraction across our rail and ports businesses, the impact was largely offset by record utilization levels at our global intermodal logistics operation, as well as higher volumes and rates at our toll roads of 6% and 4%, respectively. Our midstream segment generated FFO of $169 million, which was 8% higher over the prior year period on a comparable basis when adjusting for the impact of capital recycling initiatives and foreign exchange. The growth reflects strong volumes and higher pricing across our midstream assets, particularly for marketed products at our Canadian diversified midstream operation. We continue to see elevated activity levels across our networks more generally, which is driving strong asset utilization and new commercial opportunities. The data segment generated FFO of $102 million, representing a step change increase of 50% compared to last year. The increase is attributable to strong organic growth within our data center platforms and contribution from the tuck-in acquisition of a tower portfolio in India that closed in the third quarter of 2024. Update on Strategic Initiatives Market conditions to start the year were highly supportive of transaction activity. We secured $1.4 billion of sale proceeds, concluding five advanced sale processes totaling approximately $1.2 billion in proceeds net to BIP, as well as approximately $200 million from the sale of financial assets. This month we signed an agreement to exit our Australian container terminal operation, which will result in proceeds of $1.2 billion (approximately $0.5 billion net to BIP). Following the take-private of the business in 2016, we hired a new management team who successfully ran the business through our nine-year ownership period. During this time the business more than doubled its EBITDA and is now the largest and lowest-cost container terminal operator in the Australian market. Reflecting the quality of the business, our exit multiple is approximately 18x EBITDA and we generated a strong IRR of 17% and a nearly 4x multiple of capital. Closing of the transaction is expected in the second half of the year, subject to customary closing conditions. Also during the quarter, we completed the sale of a minority stake in a portfolio of fully contracted containers within our global intermodal logistics operation to a financial investor for $440 million (over $120 million net to BIP). This inaugural sale of de-risked and contracted assets provides a framework to replicate with buyers attracted to long-duration and stable cash flow. We remain on track to close the remaining three asset sales later this year, which includes: The final 25% interest in a U.S. gas pipeline generating net proceeds of $400 million to BIP. When combined with the previous financing, total proceeds from the sale were over $900 million and crystallized an attractive 18% IRR and a 3x multiple of capital on our investment since 2015. This transaction is expected to close in May. A non-core data center site is on track to close in the second half of 2025, generating approximately $400 million in net proceeds (over $60 million net to BIP). The initial 30% interest in a 244-megawatt portfolio of operating sites at our European hyperscale data center platform. We expect to generate over $90 million of net to BIP proceeds, with closing in Q3 2025. We are also progressing the sale of up to a 60% stake in the portfolio, which we hope to sign in the coming months and would add up to $190 million of proceeds at our share. We are encouraged by the early results of our capital recycling program. Following the additional data center stake sale, we will have secured approximately $1.6 billion in proceeds so far this year. At the same time, our new investments pipeline remains robust and we expect it will continue to grow, particularly if market uncertainty persists, unlocking greater investment opportunities for well-capitalized and value-based investors like ourselves. Most recently we secured the $9 billion acquisition of Colonial, which operates the largest refined products pipeline system in the U.S. that spans 5,500 miles between Texas and New York. This acquisition checks all the boxes with respect to our established energy investment criteria: Strong utilization with a competitive market position: Colonial represents a rare opportunity to invest in a high-quality energy infrastructure asset that forms part of the backbone of the U.S. economy. The pipeline system has maintained consistently high utilization of almost 90% for the past 25 years and serves a diverse customer base of over 200 primarily investment-grade customers along the U.S. East Coast. Acquire for value, generally well below replacement cost: We acquired Colonial at a transaction multiple of approximately 9x EBITDA. Simultaneously, we exited our U.S. natural gas pipeline at several turns higher. Highly cash generative to provide a quick return of capital: Colonial has a mid-teen going-in cash yield that is expected to increase over time, resulting in a seven-year payback period for our invested capital. Minimal value paid for growth or opportunity to transition the asset: The value we paid is largely for the in-place assets, with conservative assumptions around terminal value and utilization profile over time. The cash flow profile for this business is highly stable and resilient, supported by a transparent regulatory framework and direct inflation-linkage. We believe we were successful in acquiring the business due to the large scale of the transaction, sellers' confidence in our ability to close, and proven track record of operating critical energy infrastructure assets safely and reliably. BIP's equity investment is expected to be $500 million, which represents approximately 15% of the total equity investment, alongside our institutional partners, with transaction closing expected in the second half of the year and subject to customary closing conditions. Distribution and Dividend Declaration The Board of Directors of BIP declared a quarterly distribution in the amount of $0.43 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025. This distribution represents a 6% increase compared to the prior year. The regular quarterly dividends on the Cumulative Class A Preferred Limited Partnership Units, Series 1, Series 3, Series 9 and Series 11 has been declared, which will also be payable on June 30, 2025 to holders on May 30, 2025. The Series 13 and Series 14 regular quarterly dividends have also been declared and will be payable on June 16, 2025 to holders on May 30, 2025. In conjunction with the Partnership's distribution declaration, the Board of Directors of BIPC has declared an equivalent quarterly dividend of $0.43 per share, also payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025. Conference Call and Quarterly Earnings Details Investors, analysts and other interested parties can access Brookfield Infrastructure's First Quarter 2025 Results, as well as Letter to Unitholders and Supplemental Information, under the Investor Relations section at To participate in the Conference Call today at 9:00am EST, please pre-register at Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be Webcast live at Additional Information The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein. About Brookfield Infrastructure Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager, headquartered in New York with over $1 trillion of assets under management. For more information, go to https:// Contact Information Cautionary Statement Regarding Forward-looking Statements This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of applicable securities laws. The words 'will', 'target', 'future', 'growth', 'expect', 'believe', 'may', derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release may include statements regarding expansion of Brookfield Infrastructure's business, the likelihood and timing of successfully completing the transactions referred to in this news release, statements with respect to our assets tending to appreciate in value over time, the future performance of acquired businesses and growth initiatives, the commissioning of our capital backlog, the pursuit of projects in our pipeline, the level of distribution growth over the next several years and our expectations regarding returns to our unitholders as a result of such growth. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in the jurisdictions in which we operate and elsewhere which may impact the markets for our products and services, the ability to achieve growth within Brookfield Infrastructure's businesses and in particular completion on time and on budget of various large capital projects, which themselves depend on access to capital and continuing favorable commodity prices, and our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, the impact of market conditions on our businesses, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing for Brookfield Infrastructure, the impact of health pandemics on our business and operations, the ability to effectively complete transactions in the competitive infrastructure space (including the ability to complete announced and potential transactions that may be subject to conditions precedent, and the inability to reach final agreement with counterparties to transactions referred to in this press release as being currently pursued, given that there can be no assurance that any such transaction will be agreed to or completed) and to integrate acquisitions into existing operations, the future performance of these acquisitions, changes in technology which have the potential to disrupt the business and industries in which we invest, the market conditions of key commodities, the price, supply or demand for which can have a significant impact upon the financial and operating performance of our business and other risks and factors described in the documents filed by Brookfield Infrastructure with the securities regulators in Canada and the United States including under 'Risk Factors' in Brookfield Infrastructure's most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. References to Brookfield Infrastructure are to the Partnership together with its subsidiaries and operating entities. Brookfield Infrastructure's results include limited partnership units held by public unitholders, redeemable partnership units, general partnership units, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares. Any statements contained herein with respect to tax consequences are of a general nature only and are not intended to be, nor should they be construed to be, legal or tax advice to any person, and no representation with respect to tax consequences is made. Unitholders and shareholders are urged to consult their tax advisors with respect to their particular circumstances. References to Brookfield Infrastructure are to the Partnership together with its subsidiaries and operating entities. Brookfield Infrastructure's results include limited partnership units held by public unitholders, redeemable partnership units, general partnership units, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares. References to the Partnership are to Brookfield Infrastructure Partners L.P. Please refer to page 11 for results of Brookfield Infrastructure Corporation. Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares and class A.2 exchangeable shares. Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended March 31, 2025 was 461.9 million (2024: 461.4 million). We define FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, mark-to-market gains (losses) and other income (expenses) that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. FFO includes balances attributable to the Partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. We believe that FFO, when viewed in conjunction with our IFRS results, provides a more complete understanding of factors and trends affecting our underlying operations. FFO is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by IFRS as issued by the International Accounting Standards Board. FFO is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of net income to FFO is available on page 9 of this release. Readers are encouraged to consider both measures in assessing our company's results. Average number of partnership units outstanding on a fully diluted time weighted average basis for the three-month period ended March 31, 2025 was 792.3 million (2024: 792.0 million). 1. Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and Exchange LP units. Brookfield Infrastructure Partners L.P. Consolidated Statements of Operating Results For the three months ended March 31 US$ millions, except per unit information, unaudited 2025 2024 Revenues $ 5,392 $ 5,187 Direct operating costs (3,964) (3,913) General and administrative expense (97) (97) 1,331 1,177 Interest expense (899) (794) Share of earnings from associates and joint ventures 123 41 Mark-to-market (losses) gains (126) 4 Other income 249 398 Income before income tax 678 826 Income tax (expense) recovery Current (190) (162) Deferred 38 150 Net income 526 814 Non-controlling interest of others in operating subsidiaries (401) (644) Net income attributable to partnership $ 125 $ 170 Attributable to: Limited partners $ 26 $ 56 General partner 80 74 Non-controlling interest Redeemable partnership units held by Brookfield 12 23 Exchangeable units/shares 1 7 17 Basic and diluted gains per unit attributable to: Limited partners 2 $ 0.04 $ 0.10 Includes non-controlling interest attributable to BIPC exchangeable shares and class A.2 exchangeable shares, BIPC exchangeable LP units and Exchange LP units. Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended March 31, 2025 was 461.9 million (2024: 461.4 million). Brookfield Infrastructure Partners L.P. Consolidated Statements of Cash Flows For the three months ended March 31 US$ millions, unaudited 2025 2024 Operating activities Net income $ 526 $ 814 Adjusted for the following items: Earnings from investments in associates and joint ventures, net of distributions received 141 13 Depreciation and amortization expense 960 936 Mark-to-market, provisions and other (148) (353) Deferred income tax recovery (38) (150) Change in non-cash working capital, net (573) (419) Cash from operating activities 868 841 Investing activities Net proceeds (investments in) from: Operating assets 431 (658) Long-lived assets (798) (1,483) Financial assets 235 23 Net settlements of foreign exchange contracts (2) 5 Other investing activities 30 (46) Cash used by investing activities (104) (2,159) Financing activities Distributions to limited and general partners (437) (411) Net borrowings (repayments): Corporate 186 86 Subsidiary (563) 3,529 Partnership units issued 2 3 Net capital provided to non-controlling interest (415) (1,637) Lease liability repaid and other (175) (513) Cash (used by) from financing activities (1,402) 1,057 Cash and cash equivalents Change during the period $ (638) $ (261) Cash reclassified as held for sale (39) — Impact of foreign exchange and other on cash 69 (16) Balance, beginning of period 2,071 1,857 Balance, end of period $ 1,463 $ 1,580 FFO contribution from investments in associates and joint ventures correspond to the FFO attributable to the partnership that are generated by its investments in associates and joint ventures accounted for using the equity method. Other income corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other income/expenses excluded from FFO primarily includes gains on acquisitions and dispositions of subsidiaries, associates and joint ventures, gains or losses relating to foreign currency translation reclassified from accumulated comprehensive income to other expense, acquisition costs, gains/losses on remeasurement of borrowings, amortization of deferred financing costs, fair value remeasurement gains/losses, accretion expenses on deferred consideration or asset retirement obligations, impairment losses, and gains or losses on debt extinguishment. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, our partnership is able to remove the portion of FFO earned at non-wholly owned subsidiaries that are not attributable to our partnership. Brookfield Infrastructure Partners L.P. Statements of Funds from Operations per Unit For the three months ended March 31 US$, unaudited 2025 2024 Earnings per limited partnership unit 1 $ 0.04 $ 0.10 Add back or deduct the following: Depreciation and amortization 0.54 0.54 Deferred taxes and other items 0.24 0.14 FFO per unit 2 $ 0.82 $ 0.78 Average number of limited partnership units outstanding on a time weighted average basis for the three-month period ended March 31, 2025 was 461.9 million (2024: 461.4 million). Average number of partnership units outstanding on a fully diluted time weighted average basis for the three-month period ended March 31, 2025 was 792.3 million (2024: 792.0 million). Notes: The Statements of Funds from Operations per unit above are prepared on a basis that is consistent with the Partnership's Supplemental Information and differs from net income per limited partnership unit as presented in Brookfield Infrastructure's Consolidated Statements of Operating Results on page 7 of this release, which is prepared in accordance with IFRS. Management uses FFO per unit as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure's results. Brookfield Infrastructure Corporation Reports First Quarter 2025 Results The Board of Directors of Brookfield Infrastructure Corporation ('BIPC' or our 'company') (NYSE, TSX: BIPC) today declared a quarterly dividend in the amount of $0.43 per class A exchangeable subordinate voting share of BIPC (a 'Share'), payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025. This dividend is identical in amount per Share and has identical record and payment dates to the quarterly distribution announced today by Brookfield Infrastructure Partners L.P. ('BIP' or the 'Partnership') on its units. The Shares of BIPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of Brookfield Infrastructure Partnership L.P. ('BIP' or the 'Partnership') (NYSE: BIP; TSX: We believe economic equivalence is achieved through identical dividends and distributions on the Shares and BIP's units and each Share being exchangeable at the option of the holder for one BIP unit at any time. Given the economic equivalence, we expect that the market price of the Shares will be significantly impacted by the market price of BIP's units and the combined business performance of our company and BIP as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review BIP's letter to unitholders, supplemental information and its other continuous disclosure filings. BIP's letter to unitholders and supplemental information are available at Copies of the Partnership's continuous disclosure filings are available electronically on EDGAR on the SEC's website at or on SEDAR+ at Results The net income of BIPC is captured in the Partnership's financial statements and results. BIPC reported net income of $762 million for the three-month period ended March 31, 2025, compared to net income of $197 million in the prior year. After removing the impact of the revaluation on our own Shares that are classified as liabilities under IFRS and the impact of foreign exchange on loans with BIP denominated in Canadian dollars, underlying earnings were over 150% higher than the prior year. Current period results benefited from inflation-indexation across our businesses, capital commissioned into rate base at our U.K. regulated distribution business and a gain recognized on our global intermodal logistics operation's sale of its 33% interest in a portfolio of fully contracted containers. These benefits were partially offset by higher financing costs particularly due to an increase in interest rates on our variable rate non-recourse borrowings in Brazil, as well as an increase in dividends paid on our exchangeable shares that are classified as interest expense, resulting from the 6% increase in our quarterly dividend compared to the prior year. Cautionary Statement Regarding Forward-looking Statements This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and 'forward-looking statements' within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words 'believe', 'expect', 'will' derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding the impact of the market price of BIP's units and the combined business performance of our company and BIP as a whole on the market price of the Shares. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include general economic conditions in the jurisdictions in which we operate and elsewhere which may impact the markets for our products and services, the ability to achieve growth within Brookfield Infrastructure's businesses and in particular completion on time and on budget of various large capital projects, which themselves depend on access to capital and continuing favorable commodity prices, and our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, the impact of market conditions on our businesses, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing for Brookfield Infrastructure, the impact of health pandemics on our business and operations, the ability to effectively complete transactions in the competitive infrastructure space (including the ability to complete announced and potential transactions that may be subject to conditions precedent, and the inability to reach final agreement with counterparties to transactions being currently pursued, given that there can be no assurance that any such transaction will be agreed to or completed) and to integrate acquisitions into existing operations, the future performance of these acquisitions, changes in technology which have the potential to disrupt the business and industries in which we invest, the market conditions of key commodities, the price, supply or demand for which can have a significant impact upon the financial and operating performance of our business and other risks and factors described in the documents filed by BIPC with the securities regulators in Canada and the United States including 'Risk Factors' in BIPC's most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. Brookfield Infrastructure Corporation For the three months ended March 31 US$ millions, unaudited 2025 2024 Operating activities Net income $ 762 $ 197 Adjusted for the following items: Depreciation and amortization expense 195 195 Mark-to-market and other (259) 45 Remeasurement of shares classified as financial liability (307) (37) Deferred income tax expense (22) (2) Change in non-cash working capital, net (126) (120) Cash from operating activities 243 278 Investing activities Disposal of subsidiaries, net of cash disposed 431 — Purchase of long-lived assets, net of disposals (74) (97) Other investing activities (389) 31 Cash used by investing activities (32) (66) Financing activities Net capital provided to non-controlling interest (151) (1,363) Net (repayments) borrowings (470) 957 Other financing activities (36) 18 Cash used by financing activities (657) (388) Cash and cash equivalents Change during the period $ (446) $ (176) Impact of foreign exchange on cash 46 (8) Balance, beginning of period 674 539 Balance, end of period $ 274 $ 355
Yahoo
06-04-2025
- Business
- Yahoo
This Top Dividend Stock's $9 Billion Acquisition Will Give It More Fuel to Grow Its High-Yielding Payout
Brookfield Infrastructure (NYSE: BIPC)(NYSE: BIP) and its institutional partners have struck a $9 billion deal to acquire Colonial Enterprises. That company owns the Colonial Pipeline, one of the largest refined products systems in the country. It produces very stable cash flow as gasoline and other refined products flow from Texas to markets along the U.S. East Coast. That cash flow will support Brookfield Infrastructure's growing high-yielding dividend (4.7% current yield). Colonial Enterprises owns a world-class midstream asset portfolio. The Colonial Pipeline is the crown jewel. That pipeline system spans 5,500 miles, running from the country's refining hub in Houston, Texas to New York's harbor. It transports 100 million gallons of fuel each day, including gasoline, jet fuel, diesel, and heating oil. These refined petroleum products are crucial to fueling the economy along the Eastern Seaboard. Brookfield Infrastructure expects to invest about $500 million of equity into the acquisition of Colonial (about 15% of the total equity commitment). Brookfield's institutional partners will fund the remaining equity commitment. It's buying Colonial from a consortium of owners that includes oil giant Shell, private equity firm KKR, Koch Industries, and Canadian pension fund CDPQ. The infrastructure giant is financing its investment via its recently announced capital recycling initiatives. The company recently closed the sale of its remaining 25% interest in the Natural Gas Pipeline Company (NGPL). That sale and recent financings completed on NGPL have generated over $900 million in proceeds for Brookfield over the past 18 months. It's also selling interests in a portfolio of European data centers. The company is now recycling some of this capital to acquire Colonial. Brookfield Infrastructure is on track to raise nearly $900 million from its capital recycling initiatives since the beginning of this year. That's part of its target to sell $5 billion to $6 billion of assets over the next two years via its capital recycling strategy. That will give the company even more capital to invest in new, higher-returning opportunities like Colonial as they emerge. The company expects to remain active in deploying capital into new opportunities this year. CEO Sam Pollock wrote in the company's fourth-quarter letter to investors, "In terms of new deployment, we have entered 2025 with a pipeline of early stage capital deployment opportunities that is the deepest it has been in years." Accretive acquisitions are only one of the company's growth drivers. It has a large and growing backlog of organic capital projects, including U.S. semiconductor manufacturing investments and data center development projects worldwide. Brookfield also benefits from the growing earnings of its existing assets through inflation-linked contractual rate increases and volume growth as the global economy expands. The company estimates that its organic catalysts will fuel 6% to 9% annual growth in its funds from operations (FFO) per share in the coming years. Meanwhile, it sees accretive acquisitions funded by its capital recycling initiatives (like trading NGPL for Colonial) boosting its FFO per-share growth rate above 10% per year. That growing cash flow will give the company plenty of fuel to continue raising its dividend. It's targeting to increase its high-yielding payout by 5% to 6% per year. Brookfield has hiked its dividend for 16 straight years, including by 6% earlier this year. Brookfield Infrastructure has done a fantastic job growing its dividend over the years. A key part of its strategy has been to use the proceeds from asset sales to make accretive acquisitions to further boost its growth rate. With a boatload of additional asset sales planned, Brookfield will have plenty of capital to redeploy on higher-returning opportunities like Colonial when they emerge. Because of that, the company should continue adding more fuel to its dividend growth engine, making it a great stock to buy for those seeking a rising income stream. Before you buy stock in Brookfield Infrastructure, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Brookfield Infrastructure wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $494,557!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $623,941!* Now, it's worth noting Stock Advisor's total average return is 781% — a market-crushing outperformance compared to 156% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 4, 2025 Matt DiLallo has positions in Brookfield Infrastructure, Brookfield Infrastructure Partners, and KKR. The Motley Fool has positions in and recommends KKR. The Motley Fool recommends Brookfield Infrastructure Partners. The Motley Fool has a disclosure policy. This Top Dividend Stock's $9 Billion Acquisition Will Give It More Fuel to Grow Its High-Yielding Payout was originally published by The Motley Fool Sign in to access your portfolio
Globe and Mail
05-04-2025
- Business
- Globe and Mail
This Top Dividend Stock's $9 Billion Acquisition Will Give It More Fuel to Grow Its High-Yielding Payout
Brookfield Infrastructure (NYSE: BIPC)(NYSE: BIP) and its institutional partners have struck a $9 billion deal to acquire Colonial Enterprises. That company owns the Colonial Pipeline, one of the largest refined products systems in the country. It produces very stable cash flow as gasoline and other refined products flow from Texas to markets along the U.S. East Coast. That cash flow will support Brookfield Infrastructure's growing high-yielding dividend (4.7% current yield). Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Out with the old and in with the new Colonial Enterprises owns a world-class midstream asset portfolio. The Colonial Pipeline is the crown jewel. That pipeline system spans 5,500 miles, running from the country's refining hub in Houston, Texas to New York's harbor. It transports 100 million gallons of fuel each day, including gasoline, jet fuel, diesel, and heating oil. These refined petroleum products are crucial to fueling the economy along the Eastern Seaboard. Brookfield Infrastructure expects to invest about $500 million of equity into the acquisition of Colonial (about 15% of the total equity commitment). Brookfield's institutional partners will fund the remaining equity commitment. It's buying Colonial from a consortium of owners that includes oil giant Shell, private equity firm KKR, Koch Industries, and Canadian pension fund CDPQ. The infrastructure giant is financing its investment via its recently announced capital recycling initiatives. The company recently closed the sale of its remaining 25% interest in the Natural Gas Pipeline Company (NGPL). That sale and recent financings completed on NGPL have generated over $900 million in proceeds for Brookfield over the past 18 months. It's also selling interests in a portfolio of European data centers. The company is now recycling some of this capital to acquire Colonial. Expect the wheeling and dealing to continue Brookfield Infrastructure is on track to raise nearly $900 million from its capital recycling initiatives since the beginning of this year. That's part of its target to sell $5 billion to $6 billion of assets over the next two years via its capital recycling strategy. That will give the company even more capital to invest in new, higher-returning opportunities like Colonial as they emerge. The company expects to remain active in deploying capital into new opportunities this year. CEO Sam Pollock wrote in the company's fourth-quarter letter to investors, "In terms of new deployment, we have entered 2025 with a pipeline of early stage capital deployment opportunities that is the deepest it has been in years." Accretive acquisitions are only one of the company's growth drivers. It has a large and growing backlog of organic capital projects, including U.S. semiconductor manufacturing investments and data center development projects worldwide. Brookfield also benefits from the growing earnings of its existing assets through inflation-linked contractual rate increases and volume growth as the global economy expands. The company estimates that its organic catalysts will fuel 6% to 9% annual growth in its funds from operations (FFO) per share in the coming years. Meanwhile, it sees accretive acquisitions funded by its capital recycling initiatives (like trading NGPL for Colonial) boosting its FFO per-share growth rate above 10% per year. That growing cash flow will give the company plenty of fuel to continue raising its dividend. It's targeting to increase its high-yielding payout by 5% to 6% per year. Brookfield has hiked its dividend for 16 straight years, including by 6% earlier this year. This top-tier dividend stock keeps adding more fuel Brookfield Infrastructure has done a fantastic job growing its dividend over the years. A key part of its strategy has been to use the proceeds from asset sales to make accretive acquisitions to further boost its growth rate. With a boatload of additional asset sales planned, Brookfield will have plenty of capital to redeploy on higher-returning opportunities like Colonial when they emerge. Because of that, the company should continue adding more fuel to its dividend growth engine, making it a great stock to buy for those seeking a rising income stream. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $263,993!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,523!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $494,557!* Right now, we're issuing 'Double Down' alerts for three incredible companies, and there may not be another chance like this anytime soon. Continue » *Stock Advisor returns as of April 1, 2025
