Macquarie Infrastructure Corp. on July 31 reported second-quarter 2019 adjusted EBITDA excluding noncash items of $134 million, compared to $146 million a year ago.
GAAP net income from continuing operations was $6 million, or 6 cents per share, for the second quarter of 2019, a drop from $27 million, or 13 cents per share, in the prior-year period.
The company said the decline in net income was driven by a reduction in revenue and higher interest expense comprising largely noncash changes in the fair value of interest rate hedging instruments, partially offset by a reduction in costs including fees to Macquarie Infrastructure's external manager.
Consolidated adjusted free cash flow for the second quarter totaled $95 million, compared to $129 million in the same period in 2018.
The company's board of directors approved a second-quarter cash dividend of $1 per share, or $4 on an annualized basis. The dividend will be payable Aug. 15 to shareholders of record Aug. 12.