Macquarie Infrastructure withdraws guidance, suspends quarterly dividend

Macquarie Infrastructure Corp. withdrew its guidance and suspended its quarterly cash dividend in response to the impact of COVID-19.

The company's previous guidance was $575 million to $600 million for adjusted EBITDA and $360 million and $400 million for adjusted free cash flow in 2020.

"The measures we are announcing today will increase our balance sheet strength and liquidity and position us well to withstand the current slowdown in activity," CEO Christopher Frost said in an April 2 statement. MIC recently increased its cash position with loans to maintain its financial flexibility.

MIC also plans to move forward with pursuing strategic alternatives, which could include a sale of the company or one or more of its operating businesses.

"We remain confident that there is a significant opportunity to unlock value for our shareholders through a sale of the Company or one or more of our businesses and we are continuing to pursue all opportunities that we believe could be in the best interests of the Company and its shareholders," said Frost.

MIC previously highlighted Atlantic Aviation Corp., IMTT Holdings LLC and MIC Hawaii as the businesses involved in the strategic review.

The current limitations on travel has reduced demand for products and services by Atlantic Aviation and MIC Hawaii, but utilization at its IMTT business, which handles and stores bulk liquid products, has continued to improve, according to the company.