Another Dividend Suspended: Macquarie Infrastructure Stock Falls 26% on Announcement
Shares of Macquarie Infrastructure Corporation (NYSE: MIC) are down 25.8% at 12:28 p.m. on April 3, following the after-hours announcement yesterday that the company was suspending its dividend due to severely reduced demand for aviation fuel and energy services at two of its three main businesses. The company is acting to preserve cash so long as the coronavirus pandemic keeps the travel industry on hold.
Macquarie's dividend cut shouldn't be a big surprise to anyone who follows its core business. The company operates three different segments, including an aviation business that provides jet fuel, terminal, and hangaring services for general aviation, energy services and distribution in Hawaii, and bulk liquid storage terminals.
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Source Fool.com
