Boston, MA 05/12/2014 (wallstreetpr) – Pembina Pipeline Corp (NYSE:PBA) headed up stronger on Friday as well after the shares of the company climbed by over 3% to $40.46, driven by the strong first quarterly performance.
Robust First Quarter Performance
For the first quarter, Pembina Pipeline Corp (NYSE:PBA)’s earnings came in at C$147million or C$0.41 per share, representing an increase from its previous year’s earnings of C$91 million or C$0.30 per share. Its revenue increased 41% year-over-year to C$1.76 billion. The company’s revenue in 2013 stood at $1.25 billion. The increase in revenues during the first quarter is accredited to the strong performance in its Pembina’s businesses and return from fresh capital investments like that of Saturn I Facility and Phase I Conventional Pipelines Expansion.
The company’s President and CEO, Mick Dilger said that Pembina Pipeline Corp (NYSE:PBA) achieved another solid quarter. He added that the company was able to increase its adjusted cash flow from operating activities over the last year by nearly 31%. At the same time, it increased its adjusted cash flow from operating activities per share by more than 22%. The company’s expansions in its Phase I Conventional Pipelines business as well Saturn I property helped majorly in steering the results of the company.
Increased Dividend Rate
Mr. Dilger said that Pembina Pipeline Corp (NYSE:PBA) is confident about its continued sustainability and growth in the future course of its business and therefore its Board of Directors have announced for an increased dividend rate for the quarter. The company has increased its dividend by 3.6%, which will climb from $0.14 per share to $0.145 per share per month. The dividend will be payable to the shareholders appearing on the records of the company as on May 25, 2014 and will be paid out on June 13, 2014. Dilger added that the company is committed to grow its dividend over the long term period.
