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Brookfield Infrastructure Partners swings to loss in Q1

Brookfield Infrastructure Partners LP said its normalized net income for the first quarter was a loss of 5 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $11.8 million, compared with income of $9.4 million in the year-earlier period.

The normalized profit margin dropped to negative 1.8% from 2.1% in the year-earlier period.

Total revenue rose 44.5% on an annual basis to $656.0 million from $454.0 million, and total operating expenses increased 51.6% on an annual basis to $514.0 million from $339.0 million.

Reported net income totaled a loss of $8.0 million, or a loss of 3 cents per share, compared with income of $41.0 million, or 17 cents per share, in the prior-year period.