Why Brookfield Infrastructure Stock Surged 16% in November
Shares of Brookfield Infrastructure (NYSE: BIP)(NYSE: BIPC) jumped 16.1% in November, according to data provided by S&P Global Market Intelligence. Powering the global infrastructure company was its solid third-quarter results.
Brookfield reported that it generated $365 million, or $0.79 per share, of funds from operations (FFO) during the third quarter, up 8% year over year. That growth came despite some headwinds facing its utilities and transportation businesses due to foreign exchange fluctuations and volume reductions resulting from economic shutdowns related to COVID-19. The company more than offset those issues thanks to several recent acquisitions, which helped power a 40% surge in FFO from its data infrastructure platform.
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Source Fool.com
