TC Energy Quarterly Earnings Jump

By Robb M. Stewart

TC Energy affirmed its earnings target for the year after a jump in second-quarter profit as natural gasdemand continuesto reachrecord highs.

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

Comparable earnings before interest, tax, depreciation and amortization--a measure of profit followed by industry analysts that strips out items including impairments and gains and losses on asset sales--were 8.9% higher at C$2.69 billion, slightly ahead of the C$2.68 billion mean forecast of analysts polled by FactSet.

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

For the full year, TC Energy said it continues to expect comparable Ebitda of between C$11.2 billion and C$11.5 billion.

The company has continued to push ahead with plans to sell some C$3 billion in assets to strengthen its balance sheet, racking up some C$2.6 billion in exits so far. This week, the company unveiled a deal to sell a minority stake in some of its natural gas pipeline assets in Western Canada for C$1 billion to a group of indigenous communities living near the operations. In June, TC Energy's shareholders approved the proposed spinoff of the company's liquids pipelines business, which will see them offered shares in a new company to be called South Bow.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

August 01, 2024 07:31 ET (11:31 GMT)

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