TC Energy reports $358M first-quarter profit compared with loss a year ago

CALGARY — TC Energy Corp. says it earned $358 million in its first quarter compared with a loss of $1.06 billion in the same quarter last year when it took a charge related to the cancellation of its controversial Keystone XL project.

The pipeline company says the profit amounted to 36 cents per share for the quarter ended March 31 compared with a loss of $1.11 per share in the first three months of 2021.

Revenue for three-month period totalled $3.5 billion, up from $3.38 billion a year earlier.

TC Energy says its comparable earnings for the quarter totalled $1.12 per share, down from a comparable profit of $1.16 per share a year earlier.

Analysts on average had expected a profit of $1.11 per share for the quarter, according to financial markets data firm Refinitiv.

In its outlook, TC Energy says it expects capital expenditures this year to be about $7 billion, up from an earlier forecast for about $6.5 billion, primarily due to higher costs for the NGTL System.

This report by The Canadian Press was first published April 29, 2022.

Companies in this story: (TSX:TRP)

The Canadian Press

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