Electricity power generator TransAlta Corp. (TA) is raising its quarterly dividend 10% after reporting strong third-quarter earnings and raising its forward guidance.
The Calgary-based utility company will now pay a quarterly dividend of 5.5 cents per share, up from five cents a share previously.
The increased dividend follows a profit of $61 million or $0.23 per share for the third quarter ended September 30 compared with a loss of $456 million or $1.68 per share a year earlier.
Revenue for Q3 came in at $929 million, up from $850 million in the same period of 2021.
Looking ahead, TransAlta forecast earnings for the full year in a range of $1.38 billion to $1.46 billion compared with previous guidance of between $1.07 billion and $1.19 billion.
TransAlta’s stock is down 9% this year and trading at $12.62 per share.
