TC Energy beats quarterly profit estimates on strength in gas pipeline business
TRP•TC Energy reported adjusted earnings of 94 Canadian cents per share for the third quarter, above analysts’ average estimate of 86 cents. Adjusted core profit rose in its U.S. and Canadian natural gas pipeline segments.
1. Quarterly results
TC Energy surpassed estimates for third-quarter profit, helped by strength in its U.S. and Canadian operations. The Calgary-based company earned 94 Canadian cents per share on an adjusted basis for the three months ended September 30, compared with analysts’ average expectation of 86 cents.
2. Pipeline segments
Adjusted core profit in its U.S. natural gas pipelines, its largest segment, rose to C$1.25 billion from C$1.06 billion a year earlier. Adjusted core earnings from Canadian natural gas pipelines were C$953 million, up from C$913 million.
