Friday, October 24th1.9°C
23888
23778

TransCanada reports $412M first-quarter profit, revenue up 28 per cent

CALGARY - TransCanada Corp. (TSX:TRP) said Friday it earned $412 million in its latest quarter as revenue grew nearly 30 per cent compared with a year ago.

The company behind the controversial Keystone XL project said the profit amounted to 58 cents per share for the quarter ended March 31, compared with a profit of $446 million or 63 cents per share a year ago.

Revenue increased to $2.88 billion, up from $2.25 billion a year ago.

Excluding certain one-time items, TransCanada said its comparable earnings for the quarter came in a $422 million or 60 cents per share, up from $370 million or 52 cents per share a year ago.

The company attributed the increase to higher earnings from its NGTL System, Keystone, Bruce Power, U.S. power, and natural gas storage operations.

The Keystone XL pipeline, owned by TransCanada Corp. (TSX:TRP), would take oil from Alberta to refineries and ships on the Gulf Coast in Texas, but has met with widespread criticism from environmental opponents.

The company was dealt a set back last month when the U.S. State Department said it needed more time to decide on the TransCanada Corp. project while a court case in Nebraska is worked out. The U.S. regulatory process is now in its sixth year.

The Canadian Press


Read more Business News

23433


Recent Trending




Today's Market
S&P TSX14544.88+58.05
S&P CDNX806.67-1.93
DJIA16747.0669.16
Nasdaq4464.177+11.385
S&P 5001957.17+6.35
CDN Dollar0.8909+0.0005
Gold1231.70+2.60
Oil80.97-0.78
Lumber334.50+4.90
Natural Gas3.591-0.031

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.14-0.03
Cantex0.07+0.015
Anavex Life Sciences0.19-0.008
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.05-0.03
Colorado Resources0.14-0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.410.00

 



23891

FEATURED Property
20112442623 Lakeview Road
10085254 bedrooms
$669,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22771