10:13 AM EST, 03/08/2024 (MT Newswires) -- AltaGas Ltd. ( ATGFF ) on Friday reported fourth-quarter 2023 normalized net income of $214 million, or $0.75 per share, up from $189 million, or $0.67 per share, in the year-ago quarter.

Normalized EBITDA for the quarter came in at $502 million, up from $454 million in the prior-year period.

The company reiterated its 2024 full year guidance of $1.675 billion to $1.775 billion for normalized EBITDA and $2.05 to $2.25 for normalized EPS.

"Fourth quarter Midstream performance was strong with normalized EBITDA up 12 percent year-over-year, despite delays on two LPG export vessels that had loadings pushed into the first quarter of 2024," said Vern Yu, president and CEO of AltaGas ( ATGFF ). "Canadian upstream development remains strong as the industry prepares for improved egress and the arrival of LNG Canada."

As a result, AltaGas ( ATGFF ) realized higher year-over-year throughput volumes across its gas processing, fractionation and liquids handling businesses during the fourth quarter of 2023, Yu said.

Meanwhile, AltaGas' ( ATGFF ) EBITDA slightly beat National Bank of Canada's forecast of $482 million and the Street estimate of $500 million.

The bank said it expects AltaGas' ( ATGFF ) valuation momentum to continue its trend towards peer group averages, citing the company's

solid finish to 2023 and its good start to 2024 despite the delay of two export ships from the fourth quarter of 2023 into the first quarter of 2024.

National Bank also noted AltaGas' ( ATGFF ) positive update on contracting discussions.

The company lost 1.5% at last look.

Price: 29.27, Change: -0.30, Percent Change: -1.01