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TransCanada Q1 Profit Slides - Quick Facts

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4/27/2012 9:02 AM ET

TransCanada Corp. (TRP.TO: Quote,TRP: Quote) 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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin. Russian Foreign Minister Sergei Lavrov warned Wednesday that Moscow would retaliate strongly if its "interests" in Ukraine are attacked. He also criticized the Ukrainian administration for relaunching its so-called anti-terrorist operation in the east of the country a day earlier. Lavrov's remarks came in an interview with Russia Today, which published excerpts of the English-language interview to While selling pressure has remained relatively subdued, stocks continue to see modest weakness in mid-day trading on Wednesday. The losses on the day come on the heels of the upward trend seen over the past several sessions. The major averages have moved roughly sideways in recent trading, lingering in the red.
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