AltaGas, an energy infrastructure company based in Calgary, Alberta, posted its financial results for the third quarter. Despite a slightly widened net loss and lower revenue, the company showcased positive performance in its midstream business.
Net Loss and Revenue
AltaGas reported a net loss of C$50 million ($36.4 million) in the third quarter, compared to a loss of C$48 million in the same quarter last year. The loss per share stood at C$0.18, a marginal increase from C$0.17 in the previous year. However, the adjusted figure for normalized earnings came in at C$0.10 per share, surpassing analysts’ expectations of C$0.07 per share.
Revenue for the quarter declined slightly to C$3.03 billion from C$3.06 billion.
Performance in Midstream Business
AltaGas highlighted the performance of its midstream business, which experienced a significant increase in normalized earnings before interest, taxes, depreciation, and amortization (EBITDA). The EBITDA rose to C$185 million from C$108 million, mainly due to record export volumes.
Utilities Segment Performance
Contrarily, AltaGas’ utilities segment witnessed a decline, with normalized earnings dropping to C$71 million from C$115 million compared to the previous year. This decline was attributed to the seasonality of natural gas usage during the shoulder season.
“The utilities segment performed relatively in line with our expectations,” stated Chief Executive Vern Yu.
For more information on AltaGas and their financial results, visit their website.
