Brookfield Infrastructure Partners L.P. Limited Partnership Units (NYSE:BIP) Q2 2024 Earnings Conference Call August 1, 2024 9:00 AM ET

Corporate Participants

David Krant - Chief Financial Officer
Sam Pollock - Chief Executive Officer

Conference Call Participants

Cherilyn Radbourne - TD Cowen
Robert Kwan - RBC Capital Markets
Devin Dodge - BMO Capital Markets

Operator

Good day and thank you for standing by. Welcome to the Brookfield Infrastructure Partners Second Quarter 2024 Results Conference Call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to David Krant, Chief Financial Officer. Please go ahead.

David Krant

Thank you, Liz, and good morning, everyone. Welcome to Brookfield Infrastructure Partners second quarter 2024 earnings conference call.

As introduced, my name is David Krant, and I'm the Chief Financial Officer of Brookfield Infrastructure. I'm joined today by our Chief Executive Officer, Sam Pollock, and our Chief Operating Officer, Ben Vaughan.

I'll begin the call today with a summary of our second quarter 2024 financial and operating results, followed by a discussion of our recent capital markets activities. I'll then turn the call over to Sam, who will provide an update on our strategic initiatives before concluding with 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 website.

During the second quarter, Brookfield Infrastructure generated strong financial and operating results, while also advancing our strategic initiatives. For the three-month ended June 30, 2024, we generated funds from operations, or FFO, of $608 million, an increase of 10% over the prior year period. The current quarter benefited from organic growth that was at the midpoint of our target range, as well as recent acquisitions that significantly contributed to results.

This included a continuation of the strong performance at our global intermodal logistics operation, higher contributions from our increased stake in a Brazilian integrated rail and logistics provider, and three data center platform investments. These positive drivers were partially offset by the impact of capital recycling, higher interest costs, and the impact of foreign exchange.