TransCanada reports $412M first-quarter profit, revenue up 28 per cent

BUSINESS

TransCanada reports increased revenue, Q1 profit of $412M

The Canadian Press Published Friday, May 2, 2014 10:10AM EDT

TransCanada Corp CEO Russ Girling on April 27 2012

Russ Girling, president and CEO of TransCanada Corp., addresses the company's annual meeting in Calgary, Friday, April 27, 2012. (THE CANADIAN PRESS/Jeff McIntosh)

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CALGARY -- TransCanada Corp. (TSX:TRP) said Friday it earned $412 million in its latest quarter as revenue grew nearly 30 per cent compared with a year ago.

The company behind the controversial Keystone XL project said the profit amounted to 58 cents per share for the quarter ended March 31, compared with a profit of $446 million or 63 cents per share a year ago.

Revenue increased to $2.88 billion, up from $2.25 billion a year ago.

Excluding certain one-time items, TransCanada said its comparable earnings for the quarter came in a $422 million or 60 cents per share, up from $370 million or 52 cents per share a year ago.

The company attributed the increase to higher earnings from its NGTL System, Keystone, Bruce Power, U.S. power, and natural gas storage operations.

The Keystone XL pipeline, owned by TransCanada Corp. (TSX:TRP), would take oil from Alberta to refineries and ships on the Gulf Coast in Texas, but has met with widespread criticism from environmental opponents.

The company was dealt a set back last month when the U.S. State Department said it needed more time to decide on the TransCanada Corp. project while a court case in Nebraska is worked out. The U.S. regulatory process is now in its sixth year.