Brookfield Infrastructure Partners(BIP) Newsfilter·2024-08-01 10:48Core Insights - Brookfield Infrastructure Partners reported strong second-quarter results driven by organic growth and capital deployment opportunities in sectors such as data, electric utility, and natural gas due to increased AI adoption [2][3] Financial Performance - Net income for the second quarter of 2024 was 378 million in the same period last year, impacted by increased borrowing costs and prior gains from capital recycling [3][4] - Funds from operations (FFO) for the second quarter reached 552 million in the prior year, supported by organic growth and recent acquisitions [3][4] - FFO per unit for the second quarter was 0.72 in the same period last year [32] Segment Performance - Utilities segment generated FFO of 224 million year-over-year, primarily due to capital recycling activities [4] - Transport segment saw a 60% increase in FFO to 143 million, slightly ahead of the previous year, benefiting from strong demand in North American gas storage [6] - Data segment's FFO increased by 8% to 4 billion in enterprise value, including data center sites and stakes in Brazilian logistics operations [8][9] - The organic growth project backlog increased by 15% to 7.7 billion, with significant investments planned in midstream and data sectors [9] - The company anticipates an active second half of 2024 for M&A, driven by favorable market conditions and industry tailwinds such as AI [10] Capital Recycling - Brookfield Infrastructure is actively pursuing capital recycling, with expected proceeds of nearly 2.5 billion from asset sales in the coming quarters [11] - The company has already monetized assets totaling approximately 1.4 billion [11] Distribution and Dividend - The Board of Directors declared a quarterly distribution of $0.405 per unit, representing a 6% increase compared to the prior year, payable on September 27, 2024 [12][13]