TC Energy reports lower earnings in third quarter after asset sales

CALGARY — TC Energy Corp. says its net income slipped in the third quarter after it sold $3.4 billion in assets in the first nine months of the year.

The Calgary-based pipeline company says net income came in at $739 million, or 79 cents per share, for the quarter ending Sept. 30, compared with net income of $928 million, or $1.02 per share for the same quarter a year earlier.

The company says adjusted earnings, which exclude a variety of tax impacts from its asset sales, were $970 million or $1.04 per share, up from $902 million or $1.00 a year earlier.

Analysts had expected adjusted earnings of $922 million, or 98 cents per share, according to financial markets data firm Refinitiv.

Along with earnings, the company announced a $1.2 billion investment to expand its pipeline network in the Western Canadian Sedimentary Basin.

TC Energy said earlier this week that its Keystone pipeline had spilled an estimated 1.45 million litres of oil in North Dakota.

This report by The Canadian Press was first published November 1, 2019.

Companies in this story: (TSX:TRP)

The Canadian Press

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