Macquarie Infrastructure Company MIC reported diluted income per share of 13 cents in second-quarter 2019. Notably, the figure was lower than 45 cents per share reported in the year-ago quarter. Higher selling, general and administrative and depreciation costs and rise in interest expenses were primarily responsible for the year-over-year decline.Macquarie generated revenues of $416 million, down 4.6% year over year. The decline was attributable to divesture of some of its businesses in 2018. Product revenues came in at $61 million, an increase of 1.7%. However, service revenues declined 5.6% to $355 million. Notably, the top line surpassed the Zacks Consensus Estimate of $412 million.Segment DetailsRevenues from International-Matex Tank Terminals came in at $119 million, down 7.8% year over year. It represented 28.6% of the company’s second-quarter revenues. The segment’s EBITDA decreased 14% to $64 million.Macquarie Infrastructure Company Price, Consensus and EPS Surprise Macquarie Infrastructure Company price-consensus-eps-surprise-chart | Macquarie Infrastructure Company QuoteAtlantic Aviation generated revenues of $236 million, up 1% year over year and accounted for 56.7% of the company’s overall revenues. The segment’s EBITDA rose 3% to $62 million.Revenues in MIC Hawaii came in at $61 million, down 19% year over year. It represented 14.7% of overall quarterly revenues. The segment’s EBITDA increased 27% to $14 million.Operating CostsIn the reported quarter, Macquarie’s cost of services decreased 10%, whereas cost of product sales increased 10% year over year.Selling and administrative expenses were $84 million, an increase of 2% year over year. Overall, operating expenses declined 4% to about $361 million.Liquidity & Cash FlowAs of Jun 30, 2019, the company had cash and cash equivalents of $573 million and long-term debt of about $2,653 million. Its adjusted free cash flow for the quarter declined 26% year over year to $95 million.Macquarie authorized cash dividend of $1.00 per share for the second quarter, payable Aug 15 to shareholders of record as on Aug 12.GuidanceThe company expects 2019 adjusted EBITDA in the range of $600-$625 million. It expects to generate adjusted free cash flow in the band of $390-$435 million.Zacks Rank & Key PicksMacquarie currently carries a Zacks Rank #3(Hold).Some better-ranked stocks in the same space are Carlisle Companies Incorporated CSL, Danaher Corporation DHR and United Technologies Corporation UTX. All these companies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Carlisle delivered average earnings surprise of 17.16% in the trailing four quarters.Danaher pulled off average positive earnings surprise of 3.25% in the trailing four quarters.United Technologies delivered average earnings surprise of 13.19% in the trailing four quarters.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carlisle Companies Incorporated (CSL): Free Stock Analysis Report United Technologies Corporation (UTX): Free Stock Analysis Report Danaher Corporation (DHR): Free Stock Analysis Report Macquarie Infrastructure Company (MIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research