Revenue for TransCanada’s first quarter totalled $3.49 billion. (Photo by THE CANADIAN PRESS)

TransCanada reports $1B first-quarter profit, up from $734M a year ago

CALGARY — TransCanada Corp. topped expectations as it reported a profit of $1.00 billion in its latest quarter, up from $734 million a year ago, as its revenue edged higher.

The pipeline company says the profit amounted to $1.09 per share for the quarter ended March 31. That compared with a profit of 83 cents per share in the same quarter last year.

Revenue for what was the company’s first quarter totalled $3.49 billion, compared with $3.42 billion in the first quarter of 2018.

On a comparable basis, TransCanada says it earned $987 million or $1.07 per share for the quarter, up from $864 million or 98 cents per share a year ago.

Chief executive Russ Girling says the increase was due to the strong performance of the company’s legacy assets, along with roughly $5.3 billion of growth projects that were placed into service in the quarter.

Analysts on average had expected a profit of 99 cents per share, according to Thomson Reuters Eikon.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer gets $7M from province for an emergency 24/7 homeless shelter

Councillor says the location will be decided through community consultations

‘Finer focus on job creation:’ Alberta government files red-ink budget

EDMONTON — The Alberta budget is counting on oil and gas bouncing… Continue reading

WATCH: Tabling of the 2020 Alberta budget

Alberta Premier Jason Kenney is scheduled to reveal the provincial budget at… Continue reading

VIDEO: Grumpy sea lion resists help back to water in Washington state

Crews were able to coax her into a crate to carry her back to water

Your community calendar

Feb. 19 A Liberation of Holland event is being held at the… Continue reading

Gardening: Taking a break from the winter

Looking for a break from winter and dream of summer without leaving… Continue reading

Ottawa imposes new rules to protect fragile population of right whales

HALIFAX — Canada has rolled out new measures to protect the critically… Continue reading

Canada pumps nearly 900 billion litres of raw sewage into waterways since 2013

OTTAWA — Canada’s old-fashioned city sewer systems dumped nearly 900 billion litres… Continue reading

Federal government in good financial shape, provinces not so much: PBO

OTTAWA — The federal Liberals could add billions of dollars in spending… Continue reading

Ottawa’s LRT line leaves thousands out in the cold during heavy snowstorm

OTTAWA — Many transit riders in Ottawa were left out in the… Continue reading

All eyes on Wet’suwet’en chiefs’ meeting with federal, provincial ministers

SMITHERS, B.C. — The hereditary chiefs of the Wet’suwet’en First Nation prepared… Continue reading

Scheer appears to backtrack on commitment not to allow debate on abortion

OTTAWA — Conservative Leader Andrew Scheer appears to be backtracking on a… Continue reading

Most Read