Pembina Reports a Strong Quarter but Misses Our Expectations
Narrow-moat Pembina Pipeline generated first-quarter adjusted EBITDA of CAD 688 million, a 92% year-over-year increase. Adjusted EBITDA came in below our expectations, driven by worse-than-expected results from the Veresen assets. Adjusted cash flow from operating activities for the quarter was also below our expectations, coming in at CAD 530 million, or up 72% from the year-ago period. More important, adjusted operating cash flow per share increased to CAD 1.05 from CAD 0.77, representing valu...
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