Energy infrastructure company TransCanada Corp. (TRP,TRP.TO) reported Friday a profit for the first quarter that grew from last year, reflecting higher Canadian Mainline earnings, improved equity income from Bruce Power and higher realized power prices from U.S. Power. Comparable earnings per share missed analysts' expectations by two cents, while quarterly revenues came in above their estimates.
"Our three business segments performed well during the first quarter. The restart of Bruce Power Units 1 and 2, the completion of the Bruce Power Unit 4 life extension outage in April, the return to service of Sundance A this fall and a higher Canadian Mainline return on equity are all expected to have a positive impact on earnings in 2013," President and CEO Russ Girling said.
The Calgary, Canada-based company reported net income of C$446 million or C$0.63 per share for the first quarter, higher than C$352 million or C$0.50 per share in the prior-year quarter.
Results for the latest quarter include $104 million of net income resulting from the National Energy Board's (NEB) decision on the Canadian Mainline business and services restructuring proposal and 2012 and 2013 Mainline Final Tolls Application (Canadian Restructuring Proposal).
Excluding items, comparable earnings for the quarter was C$370 million or C$0.52 per share, compared to C$363 million or C$0.52 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of C$0.54 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter grew to C$2.25 billion from C$1.94 billion in the same quarter last year, while four Wall Street analysts had a consensus revenue estimate of C$2.16 billion.
Natural gas pipelines revenues grew to $1.16 billion from $1.09 billion in the year-ago quarter, and oil pipelines revenues totaled $271 million, up from $259 million in the prior-year quarter. Energy revenues increased to $824 million from $601 million last year.
Income from equity investments grew to $93 million from $60 million last year. Total operating and other expenses grew to $1.49 billion from $1.26 billion in the year-ago quarter.
TransCanada's board also declared a quarterly dividend of C$0.46 per share for the second quarter, payable on July 31 to shareholders of record at the close of business on June 28, 2013.
Looking ahead, the company noted that it expects the decision on the Canadian Restructuring Proposal for tolls and services on the Canadian Mainline to have a positive impact on the earnings outlook for 2013.
In Friday's regular trading session, TRP is currently trading at $48.07, down $0.67 or 1.37% on a volume of 0.17 million shares. On the Toronto Stock Exchange, TRP.TO is trading at C$49.03, down C$0.74 or 1.49% on a volume of 0.18 million shares.
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