Pembina Pipeline posts higher Q3 profit of $75M; revenue rises to $1.445B

CALGARY – Pembina Pipeline Corp. (TSX:PPL) says higher gross profit contributed to an increase in third-quarter net earnings as revenue also rose by more than $100 million to $1.445 billion.

The Calgary-based company said net earnings increase to $75 million or 20 cents per share from $72 or 22 cents in the third quarter of 2013, when it had fewer shares.

The improvement was due to higher gross profit, offset by increased general and administrative expenses due to higher share-based compensation and other expenses, it said.

The 11 per cent increase in revenue from $1.3 billion in the same 2013 period was primarily driven by the company’s conventional pipelines business, which generated an increase of approximately 24 per cent in revenue, along with improvements in its gas services business.