(Calgary) TC Energy posted a profit of 358 million in the first quarter, compared to a loss of 1.06 billion a year earlier, when the company recorded a charge related to the cancellation of the controversial Keystone XL project.
Posted at 1:52 p.m.
The pipeline operator said its profit per share was 36 cents for the three months ended March 31, compared to a loss per share of $1.11 for the first three months of 2021.
Quarterly revenues totaled 3.50 billion, while they had been 3.38 billion last year.
According to TC Energy, comparable earnings for the most recent quarter, which excludes one-time items, were $1.12 per share, down from $1.16 per share a year earlier.
Analysts on average had expected a comparable profit of $1.11 per share for the most recent quarter, according to forecasts compiled by financial data firm Refinitiv.
In its outlook, TC Energy said it expects capital spending to be around $7 billion this year, down from its previous forecast of $6.5 billion.