Westshore Terminals Investment (WTE) Q4 2024 earnings summary

Executive summary

• Declared Q1 2025 dividend of $0.375 per share, payable by April 15, 2025 to shareholders of record on March 31, 2025.

• Board continues to review dividend levels considering operating performance, market conditions, share repurchases, and capital projects.

Outlook and guidance

• 2025 projected volumes are approximately 26.5 million tonnes with an average loading charge of $13.55.

• Potash project on schedule for completion in 2026; meaningful potash handling revenue expected to begin in 2027.

Significant events and developments

• $545 million spent on potash infrastructure project to date, reimbursed by BHP subject to a 5% holdback.

• Westshore expects to contribute about $225 million for project costs above the initial $1 billion budget, with expenditures starting Q2 2026 through mid-2027.

• Cost overruns attributed to higher-than-expected inflation and delays in outsourced design engineering.