07:30 AM EDT, 05/02/2024 (MT Newswires) -- AltaGas ( ATGFF ) on Thursday reported higher normalized net income in the first quarter, riding on a strong performance from the midstream segment.

First-quarter normalized net income came in at $338 million, or $1.14 per diluted share, up from $279 million, or $0.99 per diluted share, a year ago. The result surpassed the S&P Capital IQ consensus normalized EPS estimate of $1.06 for the quarter.

Normalized EBITDA also increased to $660 million from $582 million a year ago.

The company attributed the year-over-year improvements to strong midstream performance, including robust global exports volumes, partially due to favorable timing of ships at the end of the first quarter, as well as continued cost management. Utilities results were largely in line with expectations.

The Mountain Valley Pipeline is more than 99% complete and is expected to start operations in June. AltaGas ( ATGFF ) does not consider its equity stake in the pipeline as core and will consider "value maximizing opportunities" once the pipeline is fully operational.

AltaGas ( ATGFF ) reiterated its 2024 full-year guidance, with normalized EPS forecast at $2.05 to $2.25 and normalized EBITDA forecast at $1.68 billion to $1.78 billion.

The company plans to allocate about 58% of its consolidated 2024 capital, amounting to about $1.2 billion, to its utilities business. About 36% will be allocated to its midstream business and the remaining amount will be spent on its corporate/other segment.