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TransCanada reports first quarter financial results

Published by , Editorial Assistant
World Pipelines,

TransCanada Corporation (TransCanada or the Company) has announced net income attributable to common shares for first quarter 2019 of CAN$1.004 billion or CAN$1.09 per share compared to net income of CAN$734 million or CAN$0.83 per share for the same period in 2018.

Comparable earnings for first quarter 2019 were CAN$987 million or CAN$1.07 per common share compared to CAN$864 million or $0.98 per common share for the same period in 2018. TransCanada's Board of Directors also declared a quarterly dividend of CAN$0.75 per common share for the quarter ending June 30, 2019, equivalent to CAN$3.00 per common share on an annualised basis.

"We are very pleased with the performance of our diversified and irreplaceable portfolio of high-quality, long-life energy infrastructure assets which continued to produce record financial results through the first quarter of 2019,” said Russ Girling, TransCanada’s president and chief executive officer. “Comparable earnings per share increased 9% compared to the same period last year while comparable funds generated from operations of CAN$1.8 billion were 11% higher. The increases reflect the strong performance of our legacy assets along with contributions from approximately CAN$5.3 billion of growth projects that were placed into service in first quarter 2019."

"With the demand for our existing assets driving historically high utilisation rates and CAN$30 billion of secured growth projects underway, approximately CAN$7 billion of which are expected to be completed by the end of the year, earnings and cash flow are forecast to continue to rise. These projects are supported by regulated or long-term contracted business models that are expected to support annual dividend growth of 8 - 10% through 2021,” added Girling. “We have invested CAN$10 billion in these projects to date and are well positioned to fund the remainder of our secured growth programme through significant and growing internally generated cash flow and access to capital markets. We also continue to progress various portfolio management activities, including the announced sale of our Coolidge generating station which is expected to close by mid-year. This will allow us to prudently fund our capital program in a manner that is consistent with achieving targeted leverage metrics, including debt-to-EBITDA in the high four times area, in 2019 and thereafter and deliver ongoing growth as measured on a per-share basis."

"Looking ahead, we continue to methodically advance more than CAN$20 billion of projects under development including Keystone XL and the Bruce Power life extension programme. Success in progressing these and other growth initiatives that are expected to emanate from our five operating businesses across North America could extend our growth outlook well into the next decade," concluded Girling.

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