ALBERTA

Pembina enjoys 'most successful year' ever despite lower Q4 revenue, earnings

02/26/2015 06:32 EST | Updated 04/28/2015 05:59 EDT
CALGARY - Pembina Pipeline Corp. (TSX:PPL) has reported lower earnings and revenue in the fourth quarter in what was otherwise the company's "most successful year" ever.

The Calgary-based concern says net income in the three months ended Dec. 31 was $84 million or 22 cents per diluted share, down from $95 million or 29 cents in the comparable year-earlier period.

Revenue was $1.26 billion, down from $1.29 billion.

For the full year, Pembina reported net earnings of $383 million or $1.06 per diluted share, up from $351 million or $1.12 per share in 2013 as revenue improved to $6.07 billion from $5.01 billion.

"I'm very happy to report that 2014 was another record year for Pembina and the most successful year in the history of our company," president and CEO Mick Dilger said in an earnings release Thursday after markets closed.

"Driven by strong operational performance, we achieved record operating margin, which increased nearly 14 per cent over 2013. We also reached an all-time high for cash flow from operating activities, which grew almost 17 per cent and 10 per cent on a per share basis in 2014 compared to 2013 as well as for EBITDA, which increased by almost 11 per cent over the prior year."

"Another 2014 achievement that I'm particularly proud of is our safety record," he added."Pembina had a full year of zero lost time injuries and zero recordable employee injuries, despite employees having worked 24 per cent more hours than in 2013."

Meanwhile, Dilger said there was "no disputing" that the decline in oil prices took its toll on fourth-quarter results.

"However, I'm confident that this will not interfere with our medium-term goal of essentially doubling our EBITDA by mid-2017, which in the end will reward our loyal shareholders."

EBITDA, a non-standard accounting term, stands for earnings before interest, taxes, depreciation and amortization.

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