04:29 PM EDT, 04/29/2024 (MT Newswires) -- Gibson Energy ( GBNXF ) after trade Monday reported a first-quarter net income miss, despite higher revenues.

The oil infrastructure and marketing company reported net income of C$40 million in the first quarter, a C$48 million or 54% decrease over the first quarter of 2023 and compared to a Capital IQ forecast of nearer $61 million. It said the drop was due to the impact of unrealized gains and losses on financial instruments, higher finance and executive transition costs, as well as depreciation and amortization expenses, partially offset by lower income tax expense and higher adjusted EBITDA.

Adjusted EBITDA on a consolidated basis was C$170 million in the first quarter, a C$15 million, or 10%, increase over the first quarter of 2023

Gibson recorded revenue of C$3,29 billion in the first quarter, a C$923 million or 39% increase from the first quarter of 2023, primarily due to higher sales volumes within the Marketing segment and revenue contribution from the Gateway Terminal.

"We are pleased to announce a strong start to the year, driven by stable, high-quality cash flows from our Infrastructure segment, which includes both our Canadian assets and our now fully integrated Gateway Terminal, which achieved record volumes in March," said chief executive Steve Spaulding. "These positive financial results further enhance our conservative financial profile, with our payout and leverage ratios at or below our target ranges. As we look forward, we are focused on execution, including contract discussions at our Gateway Terminal and continued construction of the two new TMX tanks at our Edmonton Terminal."

Gibson's board approved a quarterly dividend of $0.41 per common share payable on July 17 to shareholders of record at the close of business on June 28.

Shares in Gibson closed up $0.16 at $22.81 on the Toronto Stock Exchange, shy of a 52 week high $23.40.