CALGARY — TransCanada Corp. (TSX:TRP) says its first-quarter profit more than doubled what it was last year as revenue increased by 35 per cent.
The Calgary-based company says it benefited from higher contributions from its U.S. and Mexican natural gas pipelines.
The net profit attributable to common shareholders amounted to $643 million or 74 cents per share for the quarter ended March 31, up from $252 million or 36 cents per share a year ago.
Revenue was $3.39 billion, up from $2.50 billion in the first quarter of 2016 and about $200 million above analyst estimates.
After adjustments, TransCanada’s comparable earnings were $698 million or 81 cents per share for its most recent quarter, up from $494 million or 70 cents per share a year ago.
Analysts had expected 74 cents per share, according to Thomson Reuters data.