-- AltaGas (ALA.TO) Thursday reported higher normalized net income in the first quarter and said it is on track to deliver 2026 results at the top end of its guidance.
Normalized net income was C$415 million, or $1.33 per share, up from $342 million, or $1.14 per share. The result beat the non-GAAP earnings per share consensus estimate of $1.24 for the first quarter, as compiled by FactSet.
Revenue held steady year over year at $3.97 billion. The result missed the sales consensus estimate of $4.13 billion, as compiled by FactSet.
Normalized EBITDA was $818 million, up from $689 million.
The growth in normalized EBITDA was attributed to higher global export volumes and margins, stronger processing and liquids handling margins, new utilities rates in D.C. and Virginia, strong asset optimization, and partial settlement of a pension liability.
AltaGas expects to deliver 2026 results toward the top end of guidance for both normalized EBITDA and normalized EPS, with upside potential from continued LPG market strength.
The company reiterated 2026 normalized EBITDA guidance of $1.925 billion to $2.025 billion; and normalized EPS guidance of $2.20 to $2.45.
The company increased its 2026 capital program to $1.7 billion.