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Brookfield Infrastructure Partners swings to loss in Q2

Brookfield Infrastructure Partners LP said its second-quarter normalized net income came to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

The per-share result swung to a loss from the prior-year profit of 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $18.6 million, compared with income of $39.0 million in the prior-year period.

The normalized profit margin fell to negative 2.0% from 8.4% in the year-earlier period.

Total revenue rose 102.2% year over year to $934.0 million from $462.0 million, and total operating expenses climbed 84.4% from the prior-year period to $638.0 million from $346.0 million.

Reported net income totaled a loss of $16.0 million, or a loss of 6 cents per share, compared with income of $96.0 million, or 39 cents per share, in the prior-year period.