HOUSTON (AP) _ Kinder Morgan Inc. (KMI) on Wednesday reported a second-quarter loss of $637 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of 28 cents per share. Earnings, adjusted for non-recurring costs, came to 17 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The oil and natural gas pipeline and storage company posted revenue of $2.56 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $2.91 billion.
Kinder Morgan shares have dropped 30% since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1%. In the final minutes of trading on Wednesday, shares hit $14.89, a decline of 28% in the last 12 months.