2023-04-28 12:50:52 ET
TC Energy ( NYSE: TRP ) +2.2% in Friday's trading after reporting slightly better than expected Q1 adjusted earnings , helped by a strong performance in its U.S. natural gas pipeline segment.
Q1 net income nearly quadrupled to C$1.31B (~US$963.7M), or C$1.29/share, from C$358M, or C$0.36/share, a year ago, and revenues rose to C$3.93B from C$3.5B in the year-earlier quarter.
TC Energy ( TRP ) said its U.S. natural gas pipelines segment averaged 28.5B cf/day and achieved a company record for deliveries to liquefied natural gas export facilities, more than tripling earnings to C$1.08B billion from C$310M in the same period last year.
The company's Canadian natural gas pipelines segment rose nearly 15% Y/Y to C$411M.
TC Energy ( TRP ) said it is on track to complete its previously announced plan to sell off $5B in assets by the end of the year, with "multiple processes underway at the moment" that are in a "very commercially sensitive point" in discussions.
The company also provided an update on the construction of its Coastal GasLink project, saying work is continuing in line with its revised cost and schedule and is now 87% complete on the way to mechanical completion by late this year.
Earlier this year , TC Energy ( TRP ) raised the project's projected cost to C$14.5B from an earlier estimate of C$11.2B.
More on TC Energy:
- See financial and valuation comparisons to sector peers
- SA analysis: TC Energy's Juicy 7% Dividend Yield
- Stock price return: 6.5% gain YTD, 24.5% loss in the past 12 months
For further details see:
TC Energy scores Q1 earnings topper as U.S. natural gas pipeline surges