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Keyera lifts Q1 income, credits fee-for-service model

Keyera Corp.reported first-quarter net earnings of C$70.1 million, or 41 Canadian cents pershare, compared to C$56.6 million, or 33 cents per share, during the prior-yearperiod.

The first-quarter S&P Capital IQ consensus estimate for normalizedEPS was 42 cents, with four analysts reporting.

Keyera posted adjusted EBITDA of C$145.1 million, compared toC$184.5 million during the same period in 2015, and distributable cash flow of C$116.4million, or 68 cents per share, compared to C$139.8 million, or 83 cents per share,during the corresponding period in 2015. Keyera noted that the 2015 results includednonrecurring cash gains of $40 million.

Keyera's earnings were mostly driven by its fee-for-service businessmodel and by the contributions from the company's growth capital program, accordingto its May 10 earnings release.

The company declared a first-quarter dividend of C$64.7 million,or 38 cents, compared to C$55.8 million, or 33 cents per share, a year before.