Brookfield Infrastructure Partners LP on Aug. 2 reported second-quarter adjusted EBITDA of $472 million, improving from $388 million in the corresponding quarter of 2018.
The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter was $460.6 million.
Funds from operations rose to $337 million, or 85 cents per unit, from $294 million, or 75 cents per unit, in the second quarter of 2018. Revenues came in at $1.69 billion, rising from $1.04 billion in the corresponding quarter of 2018.
Second-quarter 2019 net income attributable to the partnership was $98 million, or 12 cents per unit, compared with $125 million, or 21 cents per unit, in the same quarter of 2018.
"The meaningful increase in our results reflects the impact of the most recent phase of our asset rotation strategy," Brookfield Infrastructure CEO Sam Pollock. "We have invested or committed to invest a further $1.3 billion into four high-quality businesses predominantly in North America and India. These businesses have strong going-in cash-on-cash yields that should set the stage for further growth in our results heading into 2020."
The partnership will pay a quarterly distribution of 50.25 cents on Sept. 30 to unit holders of record Aug. 30.
The company also announced the appointment of Daniel Muñiz Quintanilla and Rajeev Vasudeva to its board of directors, effective Aug. 1.
Quintanilla most recently served as managing director and executive vice president of Americas Mining Corp. Vasudeva most recently served as the CEO of Egon Zehnder.
In connection with the appointments, Arthur Jacobson Jr. and Danesh Varma stepped down from the board.