AltaGas Ltd
ALA
ISIN CA0213611001 / Valor 11438330
AltaGas Ltd
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About company
AltaGas Ltd is a North American energy infrastructure company that plays a pivotal role in the energy sector by ensuring the efficient delivery of affordable and reliable energy sources. The company, which employs approximately 3,000 individuals, operates primarily through two core business segments: Midstream and Utilities. The Midstream segment focuses on global export facilities, processing, fractionation, logistics infrastructure, and hydrocarbon storage, facilitating the connection between North American producers and both offshore global export and domestic markets. This includes services such as storage, rail logistics, pipeline transportation, and natural gas and NGL marketing initiatives. AltaGas is notable for its integrated approach in the region, offering value-added services and enabling the movement of LPGs to premium markets in Asia through facilities like the Ridley Island Propane Export Terminal (RIPET) and the Ferndale Terminal. On the other hand, the Utilities segment, through regulated natural gas utilities such as Washington Gas and SEMCO, serves around 1.6 million customers across four jurisdictions in the U.S., including the District of Columbia, Maryland, Virginia, and Michigan. This segment also includes interests in natural gas storage facilities. With its strategic positioning in fast-growing energy markets and a focus on delivering sustained value, AltaGas Ltd is a key player in North America's energy infrastructure landscape.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (23.12.2024):
Normalized EPS Growth
AltaGas Ltd. reported a significant increase in its normalized EPS for the third quarter of 2024, reaching $0.14 compared to $0.08 in the same quarter of 2023. This growth was primarily driven by strong performance in the Utilities segment. The GAAP EPS also improved, recording $0.03 in the third quarter of 2024, a notable recovery from a loss of $0.18 in the third quarter of 2023.
EBITDA and Income Before Taxes
In the third quarter of 2024, AltaGas Ltd. achieved a normalized EBITDA of $294 million, up from $252 million in the third quarter of 2023. The company also reported income before income taxes of $20 million, a significant improvement from a loss of $51 million in the same period of the previous year. The 17 percent year-over-year growth in normalized EBITDA was largely attributed to strong Utilities performance.
Utilities Segment Performance
The Utilities segment of AltaGas Ltd. reported a normalized EBITDA of $117 million in the third quarter of 2024, compared to $71 million in the third quarter of 2023. The segment also recorded an income before taxes of $24 million, a turnaround from a loss of $16 million in the previous year. This growth was driven by the partial settlement of Washington Gas' post-retirement benefit pension plan and contributions from rate base and accelerated replacement programs.
Midstream Segment Results
AltaGas Ltd.'s Midstream segment reported a normalized EBITDA of $181 million in the third quarter of 2024, slightly down from $185 million in the same quarter of 2023. However, the income before taxes increased to $123 million from $61 million in the previous year. Despite challenges such as rail outages due to wildfires and a national rail strike, the company maintained strong financial performance through effective operational execution.
2024 Financial Outlook
Following a strong third quarter, AltaGas Ltd. anticipates delivering fiscal 2024 results with normalized EBITDA expected to be at the upper end of the guidance range of $1,675 million to $1,775 million. The normalized EPS is projected to be around the midpoint of the guidance range of $2.05 to $2.25. The company attributes this positive outlook to the robust performance of its assets and strategic execution.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
6841 M
Market cap (USD)
1,471,811
Daily traded volume (Shares)
33.15 / 32.28
1 day high/low (USD)
52 weeks high/low (USD)
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