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Investors are no longer quite as positive about funding capitalinvestments in the midstream sector despite the still vital nature of the services it provides to the global economy. The end goal was for Enterprise to replace its use of issuing equity with internal cash flow to fund more of its own capitalinvestment projects.
While we continue to maintain strong credit ratings, a solid balance sheet, and long-term earnings growth outlook of 4% to 6%, our earnings guidance for 2024 reflects a combination of lag related to our capitalinvestments and inflationary pressures that we are experiencing simultaneously. We reported net income of $44.6
Finally, we'll provide a comprehensive capitalinvestment forecast update through 2029 on our fourth quarter earnings call, which will take place as usual in early 2025. Given these drivers, we expect there to be opportunities for incremental regulated capitalinvestment toward the back end of our plan and beyond.
This temporary delay impacted the first and second quarters, reflected as a higher working capitalinvestment in accounts receivable. Capital expenditures during the second quarter were $27.8 one time related to depreciation that we don't expect to repeat. million or 4.4% of revenue. It was a non-cash add back.
As reflected in the reconciliation we've provided in the earnings documents posted to our website, cash COGS per metric ton excludes depreciation and amortization, as well as cost of goods associated with byproduct sales and other noncash factors. And we believe that this is the most capital efficient way to add capacity in the Western world.
In 2017, when I stepped into this job, we had 22. So I kind of think of it as milestones along what could be a very rapid growth plan, but we're not locking in the rapid growth or locking in the capitalinvestments until we've demonstrated the success that we believe is going to be there. Jason Gabelman -- Analyst OK, great.
Our third-quarter operating income was $273 million, which included depreciation and amortization and accretion of $78 million, round cost of $25 million, production stage expense of $12 million, and share-based compensation expense of $8 million. As long as we have that, I have no doubt that we are materially cost advantage to any other U.S.
I'm a senior product manager on the product development team here at Skechers, and I've been with the company since starting as an intern in 2017. As mentioned last quarter, this spending was largely focused on brand-building investments and heightening awareness of our innovative comfort technologies in new categories.
In fact, Microsoft remained notably absent from the foundation's portfolio disclosures between 2002 and 2017, when Gates made his first donation of Microsoft shares since 2000. And management expects even faster growth in the quarters ahead as its big capitalinvestments in data centers come on line later this year.
Let's go back to 2017 for a minute. What FFO does, it does a number of things, but the two big things it does is it excludes depreciation. If you think about the biggest cost for a real estate company is depreciation. Real estate gets depreciated over time. Why do you think that is? Anthony Schiavone: Yeah.
And at Rainy River, in our first major exploration program since 2017, we are already seeing positive results extending open pit and underground mineralization. New Gold generated record free cash flow of $57 million due to higher revenue and lower capital expenditures. With that, I will turn the call over to Keith.
I don't see really significant capitalinvestments beyond the kind of iconic brand-building galleries. Some of it, you're going to have a drag on depreciation going forward because we've made a lot of investments. Well, that's true, we've spent that money.
billion in cash from operations, made $24 billion of gross capitalinvestments and generated capital offsets of approximately $13.4 billion of cash and short-term investments. So, we're still aiming to get to breakeven in 2017, as you pointed out. Full year EPS was minus $0.13 and down $1.18 We generated $8.3
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