(Calgary) TC Energy announced an increase in its dividend on Tuesday, while posting a loss of nearly 1.45 billion for its fourth quarter due to the rising costs of its Coastal GasLink project.
The company will now pay a quarterly dividend of 93 cents per share, compared to the 90 cents that prevailed until then.
TC Energy said it lost $1.42 per share in the quarter ended Dec. 31, compared with earnings of nearly $1.12 billion, or $1.14 per share, for the same period a year earlier.
Results for the most recent quarter included a one-time pretax charge of $3 billion related to the cost estimate increase for the Coastal GasLink project, which is now valued at $14.5 billion.
According to TC Energy, comparable earnings for the most recent quarter were $1.11 per share, up from $1.05 per share in the previous fourth quarter.
Analysts on average had expected adjusted earnings of $1.10 per share, according to forecasts compiled by financial data firm Refinitiv.
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