TransCanada raises quarterly dividend, sees increase in fourth-quarter profit

FILE PHOTO: A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota, January 25, 2017. Reuters/ Terray Sylvester

TransCanada Corp. raised its dividend as it reported its fourth-quarter profit rose compared with a year ago.

The pipeline company says it will now pay a quarterly dividend of 75 cents per share, up from its previous payment of 69 cents per share.

The increased payment to shareholders came as TransCanada reported a profit of $1.09 billion or $1.19 per diluted share for the quarter ended Dec. 31, compared to a profit of $861 million or 98 cents per diluted share for the same quarter a year earlier.

READ MORE: TransCanada name change to TC Energy ‘de emphasizes’ Canada for leery investors: analyst

Revenue totalled $3.91 billion, up from $3.62 billion.

TransCanada says its comparable earnings for the quarter amounted to $1.03 per share, up from 82 cents per share a year earlier.

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Analysts on average had expected a profit of 96 cents per share for the quarter, according to Thomson Reuters Eikon.

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