TC Energy’s Quarterly Profits Rise

By Robb M. Stewart

TC Energy reaffirmed its profit target for the year after profit rose in the second quarter as demand for natural gas continued to reach record levels.

The Canadian owner of oil and gas pipelines and nuclear power plants on Thursday reported income attributable to common shares of C$963 million ($697.4 million), or C$0.93 per share, compared with C$250 million, or C$0.24 per share, a year earlier.

Comparable earnings before interest, taxes, depreciation, and amortization (a measure of earnings used by industry analysts that excludes items such as impairment charges and gains and losses on asset sales) were 8.9% higher at C$2.69 billion, slightly above the average FactSet analyst forecast of C$2.68 billion.

First-quarter revenue rose 6.7% to C$4.09 billion.

TC Energy said it still expects comparable EBITDA of C$11.2 billion to C$11.5 billion for the full year.

The company continues to push ahead with plans to sell about C$3 billion of assets to strengthen its balance sheet, accumulating about C$2.6 billion in exits to date. This week, the company disclosed an agreement to sell a minority stake in certain pipeline assets in Western Canada for C$1 billion to a group of Indigenous communities living near the operations. In June, TC Energy shareholders approved a proposed spin-off of the company’s liquids pipeline business, which offered them shares in a new company called South Bow.

Write to Robb M. Stewart at [email protected]

(END) Dow Jones Newswires

August 1, 2024, 07:31 ET (11:31 GMT)