MIC reports USD (8m) loss in Q2 2020

Macquarie Infrastructure Corporation (NYSE: MIC) has reported a USD (8m) net loss from continuing operations for the quarter, compared with net income of USD 6 million in the second quarter of 2019.

Adjusted EBITDA, excluding non-cash items from continuing operations, totaled USD 87 million in the second quarter, down from USD 134 million in the prior comparable period.

MIC generated cash from operating activities of USD 73 million in the second quarter, down from USD 108 million in the prior comparable period. The decrease primarily reflects the reduced EBITDA excluding non-cash items generated by each of Atlantic Aviation and MIC Hawaii and declines in the amounts of products purchased and lower wholesale product prices, partially offset by declines in the amount of product sold and lower retail product prices.

The Company´s Adjusted Free Cash Flow from continuing operations totaled USD 46 million in the second quarter, down 48% from USD 88 million in the prior comparable period.

On October 31, 2019, MIC announced that it was pursuing strategic alternatives including the sale of the Company or one or more of its operating businesses as a means of unlocking value. During the second quarter, the Company continued to actively pursue these alternatives although travel and other restrictions on interactions imposed by COVID-19 slowed the process, as expected.

MIC owns and operates a diversified group of businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals; an airport services business, Atlantic Aviation; and entities comprising an energy services, production and distribution segment, MIC Hawaii.