Pipeline company TC Energy reports first-quarter profit up from year ago

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CALGARY — TC Energy Corp. reported a first-quarter profit of $1.31 billion, up from $358 million in the same quarter last year.

The pipeline company says the profit amounted to $1.29 per diluted share for the quarter ended March 31, up from a profit of 36 cents per diluted share a year earlier.

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Revenue totalled $3.93 billion, up from $3.50 billion in the first three months of 2022.

TC Energy says its comparable results for its most recent quarter amounted to $1.21 per share, up from $1.12 per share in the same quarter last year.

Analysts on average had expected a profit of $1.15 per share, according to estimates compiled by financial markets data firm Refinitiv.

TC Energy says construction of its Coastal GasLink project continued in line with its revised cost and schedule and is now about 87 per cent complete. The company says it continues to target mechanical completion by late this year.

This report by The Canadian Press was first published April 28, 2023.

Companies in this story: (TSX:TRP)

The Canadian Press