AltaGas Ltd. on March 1 reported fourth-quarter 2017 normalized EBITDA of C$213 million, an increase from C$194 million in the same quarter of 2016.
The S&P Capital IQ consensus estimate for fourth-quarter 2017 normalized EBITDA was C$214.4 million.
Fourth-quarter normalized net income rose to C$63 million, or 36 cents per share, in 2017, from C$48 million, or 29 cents per share, in the comparable quarter of 2016. Revenue for the quarter totaled C$745 million, an increase from C$661 million a year earlier.
The company booked C$179 million, or C$1.03 per share, in fourth-quarter 2017 funds from operations, up from C$172 million, or C$1.04 per share, in the same period of 2016.
On a full-year basis, normalized EBITDA grew to C$797 million in 2017, from C$701 million in 2016. The S&P Capital IQ consensus estimate for 2017 normalized EBITDA was C$798.2 million.
The company recorded full-year normalized net income of C$204 million, or C$1.19 per share, compared with C$153 million, or 98 cents per share, in 2016.
AltaGas, which is in the middle of a US$6.4 billion deal to acquire Washington, D.C.-headquartered WGL Holdings Inc., increased its annual dividend payout 4.3% to C$2.19 per share. The company will pay a monthly installment of 18.25 cents April 16 to shareholders of record March 26.
The Calgary, Alberta-based energy infrastructure company expects to close the WGL Holdings acquisition later this year. Upon deal closing, the combined AltaGas and WGL entity expects normalized EBITDA to increase about 25% to 30% and normalized funds from operations to increase about 15% to 20%.
