AltaGas Ltd. ALA-T is raising its dividend as it says it expects its earnings to grow next year, helped by its core operations.
The energy infrastructure company says it will pay a quarterly dividend of 29.75 cents per share starting with its March payment to shareholders, up from 28 cents per share.
In its outlook, AltaGas says it expects its normalized earnings per share for 2024 to total between $2.05 and $2.25.
The result would mean year-over-year growth of about 10 per cent, based on the midpoint of its guidance for both years.
The company says its capital spending plan for 2024 is expected to be $1.2-billion, excluding asset retirement obligations.
AltaGas shares closed down 39 cents at $27.33 on the Toronto Stock Exchange on Monday.