Brookfield Infrastructure Partners L.P. (NYSE:BIP) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET

Corporate Participants

David Krant - Chief Financial Officer

Sam Pollock - Chief Executive Officer

Ben Vaughan - Chief Operating Officer

Conference Call Participants

Cherilyn Radbourne - TD Cowen

Robert Kwan - RBC Capital Markets

Devin Dodge - BMO Capital Markets

Robert Hope - Scotiabank

Robert Catellier - CIBC Capital Markets

Frederic Bastien - Raymond James

Patrick Kenny - NBF

Operator

Thank you for standing by and welcome to Brookfield Infrastructure Partners Third Quarter 2023 Results Conference Call and Webcast. At this time all participants are in listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program. David Krant, Chief Financial Officer. Please go ahead, sir.

David Krant

Thank you, operator and good morning, everyone. Welcome to Brookfield Infrastructure Partners' third quarter 2023 earnings conference call. As introduced, my name is David Krant and I'm the Chief Financial Officer of Brookfield Infrastructure. I'm also joined today by our Chief Executive Officer, Sam Pollock.

For the call this morning, I'll begin with a discussion of our strong financial and operating results. I will then touch on our balance sheet strength and the success we've had in our asset sale program this year. I'll then turn the call over to Sam, who will provide an update on our strategic initiatives and capital allocation. Following our commentary, we will be joined by Ben Vaughan, our Chief Operating Officer for question-and-answer period.

At this time, I'd like to remind you that in our remarks today, we may make forward-looking statements. These statements are subject to known and unknown risks and future results may differ materially. For further information on known risk factors, I would encourage you to review our Annual Report on Form 20-F, which is available on our website.

Beginning with our financial and operating results, we're pleased to report another quarter of excellent financial results due to good operating performance and the successful execution of our asset recycling strategy. Funds from operations or FFO for the quarter was $560 million, an increase of 7% compared to the same period in 2022. Results benefited from our businesses unique ability to capture current inflation levels, combined with the commissioning of nearly 1 billion of capital projects over the last 12 months.