•  
BACK SEND PRINT-

Valener
Valener and Gaz Metro Report Their Fiscal 2017 Third Quarter Results



Aug 10, 2017

Valener

  • Adjusted net income(1,2) of $0.06 per common share in the third quarter of fiscal 2017 compared to $0.04 per share in the third quarter of fiscal 2016;
  • Normalized operating cash flows(1) per common share of $0.37 for the third quarter of fiscal 2017, up 3% from the third quarter of fiscal 2016; and
  • Increase in the annualized dividend from $1.12 to $1.16 per common share.

Gaz Métro

  • Adjusted net income(1,3) of $11.1 million for the third quarter of fiscal 2017, up $1.3 million from the third quarter of fiscal 2016;
  • Adjusted net income(1,3) per unit of $0.06, unchanged from the third quarter of fiscal 2016;
  • Increase in the annualized distribution from $1.16 to $1.20 per unit.

Valener Inc. ("Valener") (TSX:VNR)(TSX:VNR.PR.A), the public investment vehicle in Gaz Métro Limited Partnership ("Gaz Métro"), today reported adjusted net income1 attributable to common shareholders of $2.5 million for the third quarter of fiscal 2017, up $0.8 million from the third quarter of fiscal 2016. Adjusted net income per common share was $0.06 for the third quarter of fiscal 2017 compared to $0.04 per common share for the third quarter of fiscal 2016.

Net income attributable to common shareholders was $1.8 million for the third quarter of fiscal 2017 compared to a net loss of $3.8 million for the third quarter of fiscal 2016.

Normalized operating cash flows stood at $14.4 million ($0.37 per common share) in the third quarter of fiscal 2017, up $0.5 million compared to the third quarter of fiscal 2016.

In addition, in line with its compound annual growth target for its common share dividends, Valener announced a dividend increase. "In accordance with our goal of achieving compound annual growth of 4% until 2022, we are raising Valener's quarterly dividend from $0.28 to $0.29 per share," said Pierre Monahan, Chairman of Valener's board of directors. "This increase, the fourth in less than three years, can be credited to the quality and profitability of Valener's underlying assets."

(1)Financial measures not defined by U.S. generally accepted accounting principles ("GAAP").
(2)Adjusted net income attributable to common shareholders.
(3)Adjusted net income attributable to Partners.

A reconciliation of non-GAAP financial measures is presented hereafter.

Click here to read the full press release.

For more information:

Organization:
Valener
http://www.valener.com/


Link http://electricenergyonline.com/detail_news.php?ID=650114
BACK SEND PRINT
Most consulted news
Click here to try the new version of Electric Energy Online!