CALGARY – Pembina Pipeline Corp. (TSX:PPL) has reported a more than 60 per cent increase in first-quarter earnings and increased its dividend more than three per cent.
Calgary-based Pembina said after markets closed Thursday that net earnings in the three months ended March 31 increased to $147 million or 41 cents per diluted share, up from $91 million or 30 cents in the same 2013 period.
Net revenue increased 42 per cent to $447 million from $315 million, due to a strong performance in each of the pipeline company’s businesses, particularly in its midstream business, as well as returns on new capital investments.
Meanwhile, Pembina said it was increasing its quarterly dividend to 14.5 cents per share from 14 cents, payable June 13 to to shareholders of record on May 25.
“We are confident in the long-term sustainability and growth in our cash flows and so today our board of directors approved and declared a dividend increase of 3.6 per cent,” said president and CEO Mick Dilger.
“As we’ve said before, we expect the future to look much like the past and we are committed to growing our dividend over the long-term.”
On the Toronto Stock Exchange, Pembina shares closed down 24 cents at $42.49 on Thursday.