Business Services Industry
Houston-Based Energy Firm Kinder Morgan Inc. Posts Record Profits for Year.
Knight Ridder/Tribune Business News, January, 2003
By Nelson Antosh, Houston Chronicle Knight Ridder/Tribune Business News
Jan. 16--A write-down on investments in electric power generation dented fourth-quarter profits of Kinder Morgan Inc. but couldn't prevent it from reporting a record year.
The Houston-based energy transportation and storage company earned $302.7 million, or $2.48 per share, for the 12 months, up sharply from $225 million or $1.95 a year earlier.
Revenues declined slightly to $1.02 billion, from $1.05 billion.
Disregarding special charges, the company earned 82 cents per share for the quarter, which soundly beat the consensus forecast of 74 cents.
The write-down on power investments in the fourth quarter equaled 68 cents per share, noncash, which...
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