Infrastructure service provider, Macquarie Infrastructure Company (MIC) recently announced that it has completed the acquisition of an additional stake in Idaho Wind Partners (IWP), taking its total interest in the project to 72.4%. IWP is a 183 megawatt power generation project located near Twin Falls, Idaho.
Additionally, Macquarie’s airport services subsidiary, Atlantic Aviation, entered into an agreement to acquire the Showalter Flying Service fixed base operation at the Orlando executive airport for an undisclosed amount. Expected to close in the first quarter of 2015, the Orlando base operation will be the 69th location in Atlantic Aviation's portfolio. The company has been very active on the acquisition front and will continue to pursue acquisitions that are strategic fits while also diversifying its revenue base over the long term.
The announcements highlight Macquarie’s strategy of making accretive investments in various projects. The company expects to maintain decent cash flows, adding momentum to the company’s growth. Macquarie expects to generate a marginally higher free cash flow per share for 2014 than its previous estimate of $4.55 and a free cash flow per share in 2015 of approximately $5.25-higher than its prior guidance.
Macquarie owns and operates a diversified group of infrastructure businesses in the U.S., including a gas processing and distribution business, Hawaii Gas, several entities comprising a Contracted Power and Energy segment, and an interest in a bulk liquid storage terminal business called International-Matex Tank Terminals. The company also owns and operates an airport services business titled Atlantic Aviation.
Macquarie currently has a Zacks Rank #5 (Strong Sell). Other stocks that look promising in the industry include Federal Signal Corp. (FSS) carrying a Zacks Rank #1 (Strong Buy), Carlisle Companies Incorporated (CSL) and The Babcock & Wilcox Company. (BWC), both carrying a Zacks Rank #2 (Buy).
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