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Keyera bumps up net income, but Q2 adjusted EBITDA falls

Keyera Corp. on Aug. 9 reported second-quarter net earnings of C$67.1 million, or 36 Canadian cents per share, compared to C$59.7 million, or 34 cents per share, during the same quarter in 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 33 cents.

Adjusted EBITDA for the quarter was reported at C$133.2 million, down from C$158.1 million in the year-ago period. Distributable cash flow was C$107.6 million, down from C$137.7 million during the prior-year quarter. The decreases were mainly attributed to a nine-week unscheduled outage at Alberta EnviroFuels from February to April and lower propane margins.

Second-quarter cash flow from operating activities totaled C$1.8 million, dropping from C$57.9 million during the year-ago quarter.

"Keyera's business performed well in the second quarter of 2017, generating solid financial results that reiterate the strength of our growing integrated, fee-for-service offering," Keyera President and CEO David Smith said. "Gross processing throughput volumes in the gathering and processing segment increased over the prior quarter, while our liquids infrastructure segment delivered record financial results once again."