TransCanada Corp. (TRP.TO,TRP) posted lower first-quarter comparable earnings of C$363 million or C$0.52 per share versus C$423 million or C$0.61 per share for the same period in 2011. On average, 10 analysts polled by Thomson Reuters expected earnings per share of C$0.54 for the quarter. Analysts' estimates typically exclude one-time items.
The company said the incremental earnings from Keystone and other recently commissioned assets were more than offset by lower contributions from Bruce Power related to planned maintenance outages, reduced revenues from U.S. natural gas pipelines and natural gas storage, higher interest expense as a result of lower capitalized interest and reduced contributions from the Canadian Mainline and U.S. Power.
Net income attributable to common shares for the recent quarter slid to C$352 million or C$0.50 per share from last year's C$411 million or C$0.59 per share.
Revenues were C$1.91 billion, higher than C$1.87 billion in the comparable period a year ago.
Separately, TransCanada's board has declared a quarterly dividend of C$0.44 per share for the quarter ending June 30, 2012, equivalent to C$1.76 per share on an annualized basis.
by RTT Staff Writer
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