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TransCanada Q1 profit more than doubles, revenue up 35 per cent

An Albertan oil refinery, part of the TransCanada pipeline network. Global News

TransCanada Corp. says its first-quarter profit more than doubled what it was last year as revenue increased by 35 per cent.

The Calgary-based company says it benefited from higher contributions from its U.S. and Mexican natural gas pipelines.

The net profit attributable to common shareholders amounted to $643 million or 74 cents per share for the quarter ended March 31, up from $252 million or 36 cents per share a year ago.

Revenue was $3.39 billion, up from $2.50 billion in the first quarter of 2016 and about $200 million above analyst estimates.

After adjustments, TransCanada’s comparable earnings were $698 million or 81 cents per share for its most recent quarter, up from $494 million or 70 cents per share a year ago.

Analysts had expected 74 cents per share, according to Thomson Reuters data.

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