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TransAlta Corp. TA-T increased its dividend as it reported a third-quarter profit compared with a loss a year ago and raised its financial guidance for the year.

The power utility says it will now pay a quarterly dividend of 5.5 cents per share, up from five cents per share.

The increased payment to shareholders came as TransAlta says it earned a profit attributable to common shareholders of $61-million or 23 cents per diluted share for the quarter ended Sept. 30 compared with a loss of $456-million or $1.68 per diluted share a year ago.

Revenue for the quarter totalled $929-million, up from $850-million in the third quarter of 2021.

In its guidance, TransAlta says its adjusted earnings before interest, taxes, depreciation and amortization for its full year is now expected to be in a range from $1.38-billion to $1.46-billion compared with its original guidance for between $1.065-billion and $1.185-billion.

The company also says its free cash flow is now expected to be in a range of $725-million to $775-million compared with earlier guidance for between $455-million and $555-million.