Energy infrastructure company TransCanada Corp. (TRP.TO,TRP) reported Friday a lower first-quarter profit, citing a very warm winter, historically low natural gas prices and planned maintenance outages at Bruce Power. Both earnings per share and revenues missed analysts' expectations.
The Calgary, Canada-headquartered company noted that incremental earnings from Keystone and other recently commissioned assets were more than offset by lower contributions from Bruce Power. Maintenance outages at Bruce Power reduced revenues from U.S. natural gas pipelines and natural gas storage.
Keystone Pipeline System's comparable EBITDA in first quarter was C$174 million, higher than C$99 million a year earlier.
According to the company, Bruce Power has entered the final phase of refurbishment and re-start project. Its share of the project costs is expected to be about $2.4 billion.
Looking ahead, Russ Girling, president and chief executive officer of the company said, "As gas and power prices recover, combined with the completion of our current $13 billion capital program, I fully expect TransCanada will continue to grow cash flow, earnings and dividends in the years ahead."
In the first quarter, net income attributable to common shares declined to C$352 million from C$411 million in the previous year. Earnings per basic share were C$0.50 per share, down from C$0.59 per share in the prior year.
Adjusted for specific items, comparable earnings were C$363 million or C$0.52 per share, lower than C$423 million or C$0.61 per share in the prior year. 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.
Revenues for the quarter grew to C$1.91 billion from C$1.87 billion in the same quarter last year, while analysts estimated C$2.24 billion.
Capital expenditures declined to C$464 million from C$567 million a year ago.
TransCanada's board also declared a quarterly dividend of C$0.44 per share for the quarter ending June 30, 2012, to shareholders of record on June 29, 2012, payable on July 31.
TRP.TO is currently trading at C$42.89, down C$0.24 or 0.56 percent, on a volume of 150 thousand shares on the Toronto Stock Exchange.
TRP trades at $43.71, down $0.10 or 0.23 percent, on 123 thousand shares on the NYSE.
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