DT Midstream Inc (DTM, Financial) released its Q3 2023 earnings report on November 1, 2023. The company reported a net income of $91 million, or $0.94 per diluted share. The operating earnings for the quarter were also $91 million, or $0.94 per diluted share. The adjusted EBITDA for the quarter was reported at $236 million.
Company Performance and Financial Highlights
DTM's Q3 2023 results reflect a strong performance. The company's Board of Directors declared a dividend of $0.69 per share on its common stock, payable on January 15, 2024, to stockholders of record at the close of business on December 18, 2023.
David Slater, President and CEO of DTM, commented on the company's performance,
We had another great quarter, and we remain confident in our ability to deliver on our full-year plan. Our construction team continues to make great progress on our short-cycle growth projects."
Jeff Jewell, Executive Vice President and CFO, also expressed confidence in the company's financial position, stating,
Our third quarter financial results increase our confidence in meeting our financial goals for the year. We are also in a strong position to achieve our goals in 2024 and beyond."
Financial Tables Summary
DTM's financial tables reveal a net income attributable to the company of $91 million for the three months ended September 30, 2023. The net income for the nine months ended on the same date was $263 million. The reported earnings per diluted share for the three-month period was $0.94, while the nine-month period saw reported earnings of $2.70 per diluted share.
The adjusted EBITDA for the three months ended September 30, 2023, was $236 million. The nine months ended on the same date saw an adjusted EBITDA of $685 million.
Company Overview and Future Outlook
DT Midstream Inc (DTM, Financial) is a leading owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment, and surface facilities. The company is transitioning towards net zero greenhouse gas emissions by 2050, with a plan of achieving 30% of its carbon emissions reduction by 2030.
Based on the Q3 2023 results, DTM remains confident in its ability to meet its financial goals for the year and is in a strong position to achieve its goals in 2024 and beyond.
Explore the complete 8-K earnings release (here) from DT Midstream Inc for further details.
