AltaGas Ltd. (TSX:ALA, TSX:ALA.PR.A, TSX:ALA.PR.U) announced fourth quarter results, including a 51 percent increase in net income.
As quoted in the press release:
Results in the fourth quarter were primarily driven by the August 30, 2012 acquisition of Semco Holding Corporation (SEMCO), natural gas utilities in Alaska and Michigan, which performed as expected. Fourth quarter results reflect the seasonality of the natural gas distribution business. In the fourth quarter, AltaGas recorded a one-time charge due to the force majeure arbitration decision related to the Sundance B Power Purchase Arrangement.
AltaGas‘ Chairman and CEO, David Cornhill, said:
We completed the largest corporate acquisition and commissioned two of the largest natural gas processing projects in our history. We also made considerable progress on our three Northwest run-of-river hydro projects, which are expected to be in service starting in 2014.