Pembina Pipeline reports $370 million profit in third quarter

CALGARY – Pembina Pipeline Corp. says it earned $370 million in the third quarter for an increase from a year earlier despite lower revenue.

The Calgary-based pipeline company says the profit, which works out to 66 cents per share, was an increase from the $334 million or 60 cents per share it made in the same quarter a year earlier.

Revenue came in at $1.7 billion for the quarter ending Sept. 30, down from $2.045 billion reported in the quarter a year earlier.

Analysts had expected earnings of $314 million, or 60 cents per share, and revenue of $1.94 billion according to financial markets data firm Refinitiv.

The company also boosted the low range of its earnings guidance for the year by $100 million to $2.95 billion before certain deductions, while the upper range remained at $3.05 billion.

In August, Pembina reached a deal to buy Kinder Morgan Canada Ltd. and the U.S. portion of the Cochin pipeline system for $4.35 billion.

This report by The Canadian Press was first published November 1, 2019.

Companies in this story: (TSX:PPL)