TC Energy tops profit estimates on strong Canada and U.S. operations
TC Energy reported first-quarter profits that exceeded analyst expectations, driven by strong performance in its U.S. and Canadian natural gas pipeline operations. The company's U.S. natural gas segment saw adjusted core profit rise to nearly $1.50 billion from $1.37 billion a year earlier. Increased demand from LNG exports and energy-intensive industries like data centers and cryptocurrency mining is supporting growth in the sector.
- ▪TC Energy's adjusted core profit in its U.S. natural gas pipelines reached nearly $1.50 billion, up from $1.37 billion a year ago.
- ▪The company reported adjusted core earnings from Canadian natural gas pipelines of $919 million, an increase from $890 million in the same period last year.
- ▪TC Energy earned 99 cents per share on an adjusted basis, surpassing the analysts' average estimate of 98 cents.
- ▪LSEG compiled analyst estimates showing TC Energy exceeded expected earnings for the quarter ending March 31.
- ▪Enbridge launched a $4-billion expansion of its British Columbia pipeline system to support growing natural gas demand.
- ▪The expansion of LNG export facilities and rising electricity demand from AI and cryptocurrency sectors are driving increased natural gas usage.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountCanadian pipeline operator TC Energy TRP-T beat analysts’ expectations for first-quarter profit on Friday, helped by strength in its U.S. and Canada operations.Major pipeline operators like TC Energy are doubling down in anticipation of surging natural gas demand as liquefied natural gas export facilities expand and power-hungry AI systems, cryptocurrency miners and data centers ramp up electricity use.TC Energy’s adjusted core profit in its U.S. natural gas pipelines, its largest segment, rose to nearly $1.50-billion, from $1.37-billion a year ago.Enbridge launches $4-billion expansion of B.C.
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