Brookfield Infrastructure Corporation

Latest Results (26.12.2024):

Net Income

Brookfield Infrastructure Corporation reported a net income of $8 million for the second quarter of 2024, a significant decrease from the $378 million reported in the same period of the previous year. This decline was influenced by increased borrowing costs and the absence of gains from the capital recycling program that benefited the prior year's results.

Funds from Operations

The company achieved funds from operations (FFO) of $608 million in the second quarter of 2024, marking a 10% increase compared to the previous year. This growth was driven by organic growth within the target range and contributions from recent acquisitions, including a global intermodal logistics operation and investments in data center platforms.

Segment Performance

Brookfield Infrastructure's transport segment generated FFO of $319 million, a 60% increase from the previous year, primarily due to acquisitions in logistics operations. The midstream segment also saw growth, with FFO reaching $143 million, benefiting from strong demand and higher contract rates in North American gas storage.

Dividend Declaration

The Board of Directors declared a quarterly distribution of $0.405 per unit for Brookfield Infrastructure Corporation, representing a 6% increase from the previous year. This dividend is payable on September 27, 2024, to shareholders of record as of August 30, 2024.

Strategic Initiatives

Brookfield Infrastructure Corporation continues to focus on strategic initiatives, including seven follow-on acquisitions in 2024, totaling nearly $4 billion in enterprise value. The company is also investing in organic growth projects, with a backlog that has increased by 15% to $7.7 billion, and is actively pursuing capital recycling opportunities to generate proceeds in the coming quarters.