Keyera Corp. Announces First Quarter 2012 Results; Shares Rise More than 6% Despite Losses in Propane Marketing

By Midnight Trader,  May 09, 2012, 11:31:18 AM EDT

Keyera Corp. (KEY.TO) have announced their 2012 first quarter results.

Keyera said its fee-for-service businesses delivered "exceptional" results in the first quarter.

The Gathering and Processing business posted the second highest operating margin in its history, up 9% from the first quarter of 2011 to $39.0 million, despite a challenging natural gas environment.

NGL Infrastructure set a new record in the first quarter with operating margin1 of $26.0 million, 59% higher than the same period last year.

The strong fee-for-service results were offset by losses in propane marketing, which reduced Marketing operating margin to $12.7 million in the first quarter, 68% lower than in the first quarter of 2011.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $74.6 million in the first quarter, 5% lower than the $78.4 million posted in the same quarter last year, due to losses in Keyera's propane marketing business.

Net earnings for the first quarter were $33.9 million ($0.46 per share), compared to $84.7 million ($1.21 per share) in the same quarter last year, primarily due to a large deferred income tax recovery in 2011.

Distributable cash flow for the first quarter was $47.2 million ($0.64 per share). Dividends to shareholders were $37.4 million ($0.51 per share), resulting in a payout ratio of 79% for the quarter.

More than 760,000 shares have been traded so far.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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