Targa Resources Q3 Profit Rises, But Revenue Down; Plans 33% Increase In 2025 Dividend

(RTTNews) - Targa Resources Corp. (TRGP), a midstream energy infrastructure company, Tuesday reported net income of $387.4 million for the third quarter, higher than $220 million in the same quarter a year ago, mainly on decrease in product purchases and fuel by $325 million.

Income from operations increased to $728.2 million from $505.1 million last year.

Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization grew to $1.069 billion from $840.2 million a year ago.

Revenue for the quarter, however, declined to $3.852 billion from $3.897 billion in the previous year.

Looking ahead, the company expects full-year adjusted EBITDA to be above the top end of $3.95 billion to $4.05 billion range.

For the first quarter of 2025, the management intends to recommend a dividend of $1 per share or $4.00 per share annualized, a 33 percent year-on-year increase.