MIC’s fourth quarter 2015 dividend will be paid on March 8, 2016 to shareholders of record on March 3, 2016. MIC has increased its cash dividend in each of the last nine quarters.

“We are pleased to have grown our dividend in excess of our guidance,” said James Hooke, chief executive officer of MIC. “What is most pleasing is that the increase has been underpinned by substantial growth in the Free Cash Flow generated by our businesses. That growth has been achieved despite the volatility in markets broadly and reinforces a basic premise of infrastructure – namely, that it is an inherently more stable asset class.”

MIC manages its businesses and investments to optimize Free Cash Flow, a non-GAAP measure it defines as Cash from Operations less maintenance (or sustaining) capital expenditures and adjusted for changes in working capital. The Company also elected to exclude the benefit of $0.09 per share associated with a tax refund received in the fourth quarter of 2015. As a result, MIC generated $1.18 and $5.71 per share in Adjusted Free Cash Flow for the quarter and full-year 2015, respectively, a decrease of $0.10 per share, or 7.8%, for the fourth quarter and an increase of $0.86 per share, or 17.7%, for the year over the prior comparable periods.

More than 100% of the $0.10 per share decrease in Adjusted Free Cash Flow generation in the fourth quarter of 2015 was attributable to the timing of maintenance capital expenditures at Hawaii Gas and International-Matex Tank Terminals (IMTT). The changes in timing of capital spending were announced previously.

MIC also accelerated the timing of maintenence capital expenditures at Atlantic Aviation into 2015. The amount deployed in the fourth quarter was consistent with the Company’s forecast.

MIC reiterated its prior guidance with respect to dividend growth in 2016 and expects to distribute between $5.00 and $5.10 per share in cash for the full year. “Given our pipeline of growth projects, and assuming the continued stable performance of our businesses, we are confident in our ability to deliver value to our shareholders in the form of an attractive rate of growth in our dividend,” said Hooke.

MIC’s dividend guidance contemplates issuance of additional shares upon the reinvestment of base management fees payable to Macquarie Infrastructure Management (USA) Inc. It also assumes the payment of minimal federal income taxes and the deployment of growth capital in amounts similar to years past.

The Company indicated that it has a pipeline of more than $200.0 million in approved growth projects and that it expects to complete the majority of these in 2016. Hooke noted that the Company believes it can fund the pipeline of growth without accessing either the debt or equity capital markets for additional resources.

MIC’s IMTT business produced financial results in the fourth quarter that were consistent with the first nine months of the year. Top line growth was offset by a decrease in spill response activity at IMTT’s OMI Environmental Solutions subsidiary, reduced product heating due to relatively warmer weather and reduced rail services revenue as a result of a reduction in the movement of heavy oil products by train. Foreign exchange rates were also a negative factor relative to the small portion of the overall results derived from Canadian operations.

Revenue from firm commitments increased in the quarter and full year periods driven by continued strong demand for IMTT’s services. On a constant currency basis, revenue from firm commitments would have increased by 2.3% in 2015 compared with 2014.

Refined petroleum product storage and handling represents approximately 55% of IMTT’s total revenue. In essence, the business functions as a distribution hub for these products. Crude and asphalt storage represents approximately 3% of IMTT’s total revenue and IMTT reported a decrease in services provided in support of these products in the fourth quarter and full year primarily as a result of a reduction in product shipments by rail from Canada. The remainder of IMTT’s revenue is generated under contracts related to the production, use or distribution of chemicals, vegetable and animal oils and other services.

“The performance of IMTT in both the quarter and the full year periods reflects the downstream services nature of the business overall, as well as the extent to which it is uncorrelated with the exploration and production (E&P) portion of the oil industry,” said Hooke. “While upstream E&P companies are under considerable financial pressure, the vast majority of the hydrocarbons stored at IMTT have already been refined. Given the refined product focus, IMTT saw no signs of counter-party distress during 2015.”

MIC’s Atlantic Aviation business continued to deliver solid growth year over year in the fourth quarter reflective of ongoing increases in general aviation (GA) flight activity in the U.S. and the overall attractiveness of the Atlantic Aviation network of fixed base operations (FBO). Atlantic Aviation posted increases in same store (excluding acquisitions completed during the year) and total gross profit for the quarter of 6.4% and 6.8%, respectively. For the full year, same store and total gross profit increased 8.3% and 13.1%, respectively.

“The attractiveness of the Atlantic Aviation network and its safety-focused value proposition contributed to a very strong financial result in both the fourth quarter and full year periods,” noted Hooke. “We believe these attributes have enabled Atlantic Aviation to significantly outperform relative to industry fundamentals such as flight movements – a trend that, under current economic conditions, we would expect to continue.”

The businesses comprising MIC’s Contracted Power & Energy (CP&E) segment underperformed relative to expectations during both the quarter and full year periods. A reduced level of both insolation and wind compared with historical averages resulted in a lower than expected level of power generation by the renewable portions of the segment. Although the fourth quarter is typically a softer quarter for peak power demand, relatively mild weather in the Northeast saw the uncontracted portion of the power generating capacity of the Bayonne Energy Center (BEC) dispatched less frequently than the Company had expected.

Comparisons with prior periods are not meaningful in the CP&E segment as a result of the acquisition of a wind power facility in December of 2014 and the acquisition of BEC in April of 2015. The segment generated gross profit of $28.1 million and $104.9 million in the quarter and full year ended December 31, 2015, respectively, and EBITDA of $18.7 million and $68.2 million, respectively.

“The warmer winter meant that the uncontracted power portion (37.5% of capacity) of BEC’s capacity was not called upon in the fourth quarter to the extent forecasted when we acquired the business,” said Hooke. “The financial impact of the underperformance of both the renewable portfolio and BEC versus expectations was modest – approximately $5.0 million of EBITDA for the year or less than 1.0% of MIC’s adjusted proportionately combined EBITDA – and we expect that normalized weather and the steps we are taking to bring lower cost gas to BEC via the pipeline we announced in January will contribute to segment performance consistent with our expectations going forward.”

MIC’s Hawaii Gas subsidiary generated financial results for 2015 that reflected an approximately 2% increase in the volume of gas sold compared with 2014 on an underlying basis and were consistent with the improvement in the economy of Hawaii generally. Unemployment in Hawaii remained low, tourism was strong and the local economy continued to expand – all of which contributed to the consistent performance of the business.

Hawaii Gas reported gross profit for the quarter and year ended December 31, 2015 of $14.8 million and $76.9 million, down 19.8% and up 1.7%, respectively, on the prior corresponding periods. Excluding the impact of unrealized losses on propane hedges extending into 2019, gross profit would have increased by 4.9% for the quarter and 4.1% for the full year.

“The core business of Hawaii Gas – providing safe, reliable and cost effective energy solutions to residents and businesses of Hawaii – performed well,” said Hooke. “We continue to make progress, albeit slowly, on our initiatives to broaden the suite of services of Hawaii Gas to include supporting important initiatives such as the development of renewable sources of energy in Hawaii.”