Brookfield Infrastructure Partners L.P. Limited Partnership Units (NYSE:BIP) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET
Company Participants
David Krant - Chief Financial Officer
Sam Pollock - Chief Executive Officer
Ben Vaughan - Chief Operating Officer
Conference Call Participants
Cherilyn Radbourne - TD Cowen
Devin Dodge - BMO Capital Markets
Robert Kwan - RBC Capital Markets
Robert Hope - Scotiabank
Robert Catellier - CIBC Capital Markets
Operator
Hello, and welcome to the Brookfield Infrastructure Partners First Quarter 2024 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Chief Financial Officer David Krant.
David Krant
Thank you, operator, and good morning, everyone. Welcome to Brookfield Infrastructure Partners First Quarter 2024 Earnings Conference Call. As introduced, my name is David Krant, and I am the Chief Financial Officer of Brookfield Infrastructure. I am joined today by our Chief Executive Officer, Sam Pollock; and our Chief Operating Officer, Ben Vaughan. I'll begin the call today with a discussion of our first quarter 2024 financial and operating results, followed by some brief remarks on our strong financial position. I'll then turn the call over to Sam, who will provide an updated on our strategic initiatives, before concluding with an outlook for the business.
At this time, I would 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 Web site.
Brookfield Infrastructure's business recorded an excellent start to the year. During the first quarter of 2024, we generated funds from operations, or FFO, of $615 million, representing an 11% increase over the prior year period. This increase reflects organic growth of 7%, as well as contributions associated with over $2 billion of capital deployed in the second-half of last year. We've been pleased with the performance of our new investments, notably our newest data center platforms in North America and Europe. While it is early, the momentum building in each of these businesses positions us to exceed our initial return expectations.
Taking a closer look at our results by segment, our Utilities generated FFO of $190 million, compared to $208 million in the same period last year. The lower reported result is primarily attributable to capital recycling initiatives completed over the last 12 months, most notably the sale of our interest in an Australian regulated utility. After adjusting for asset sales and financings completed, organic growth for the segment was 8%. This growth is primarily attributable to inflation indexation and the commissioning of over $450 million of capital into the rate base during the last 12 months.