TransCanada Beats Street on U.S. Pipeline Performance
TransCanada Corp , Canada's No.2 pipeline operator, reported a better-than-expected profit on Friday, helped by strength in its U.S. natural gas pipelines and liquids pipelines units.
Revenue from the company's U.S. natural gas pipelines unit more than doubled to C$879 million.
The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents per share, a year earlier.
On an adjusted basis, the company earned 76 Canadian cents per share beating analysts' estimate of 69 Canadian cents per share, according to Thomson Reuters I/B/E/S.
TransCanada also said on Friday it will invest about C$160 million to expand the capacity of the Canadian Mainline System, to expand operations in Atlantic Canada.
Revenue rose nearly 17 percent to C$3.22 billion.
Reporting by Ahmed Farhatha in Bengaluru and Nia Williams
