Thursday, May 1, 2014

AltaGas Ltd. - ALA.t

AltaGas Ltd. - ALA.t is a geographically diverse energy infrastructure company comprised of three distinct business units: Gas, Power and Utilities.

The Gas business gathers, processes, transports, stores and markets natural gas and natural gas liquids. The Power business is comprised of 932 MW of conventional power and 440* MW of renewable power. AltaGas owns and operates utilities in Alberta, British Columbia, Nova Scotia, Michigan and Alaska that safely and reliably serve nearly 550,000 customers across North America.

AltaGas Reports Record Earnings in First Quarter and Increases Dividend 16 Percent

First Quarter 2014 Highlights

•Record normalized earnings of $73.7 million, a 33 percent increase compared to first quarter 2013;
•23 percent increase to $179.2 million in normalized EBITDA, compared to first quarter 2013;
•Normalized funds from operations of $129.8 million, compared to $122.4 million in first quarter 2013;
•Forrest Kerr nears completion with the commencement of waterflow on April 28; and
•Increased dividend by $0.02 per share per month for an annual dividend of $1.77 per share.

AltaGas Ltd. (AltaGas) (TSX:ALA)(TSX:ALA.PR.A)(TSX:ALA.PR.U)(TSX:ALA.PR.E) today reported record first quarter normalized earnings of $73.7 million ($0.60 per share), compared to $55.5 million ($0.53 per share) in the same period 2013. Normalized EBITDA increased 23 percent to $179.2 million for the first quarter 2014, compared to $145.9 million for the same period 2013. Normalized funds from operations was $129.8 million ($1.06 per share) for the three months ended March 31, 2014, compared to $122.4 million ($1.16 per share) for the same period 2013.

"We are pleased to report a record quarter with strong asset performance across all our business segments," said David Cornhill, Chairman and CEO of AltaGas. "The stronger results were driven mainly by the energy infrastructure assets we added over the past two years and there is more to come. The Board and management remain committed to delivering shareholder value as we continue to execute on our five-year, $2.5 billion growth plans."