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InfraREIT reports flat YOY adjusted net income

InfraREIT Inc. on Aug. 2 reported second-quarter 2017 non-GAAP net income of $12.4 million, or 20 cents per share, compared to non-GAAP net income of $12.2 million, or 20 cents per share, in the second quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 32 cents.

InfraREIT posted a 13% year-over-year increase in its 2017 second-quarter adjusted EBITDA to $35.8 million, from $31.8 million in the second quarter of 2016. Second-quarter 2017 adjusted funds from operations also increased 13% to $25.4 million, compared with $22.4 million for the same period of 2016.

The company's cash available for distribution showed an 11% year-over-year increase at $13.6 million compared to $12.2 million in the prior-year period. InfraREIT's second-quarter 2017 net income attributable to the company was $7.3 million, or 17 cents per share, compared with $6.6 million, or 15 cents per share, in the corresponding quarter of 2016.

For the second quarter of 2017, InfraREIT's total lease revenue was $40.4 million, up 20% from $33.8 million in the corresponding 2016 quarter. Income from operations grew to $20.6 million, from $17.4 million in the same quarter of 2016.

"We maintained our solid performance in the second quarter, while investing $39 million in capital expenditures to support the infrastructure needs of Texas," InfraREIT CEO David Campbell said.

The company also reiterated new, lower capital expenditure forecasts following the recent announcement of an asset swap deal with Oncor Electric Delivery Co. LLC. InfraREIT estimates transmission footprint capital expenditures of $130 million to $160 million for 2017, $45 million to $95 million for 2018 and $10 million to $60 million for 2019.

As of May, the company's previous CapEx was estimated to be in the range of $175 million to $240 million for 2017, $75 million to $150 million for 2018 and $25 million to $110 million for 2019.