Pipeline operator TC Energy TRP-T -0.23%decrease beat analysts’ estimates for second-quarter profit on Thursday, helped by strength in its North American operations.
Pipeline operators across North America are seeing support from growing natural gas consumption, including demand from power generation and industrial users, reinforcing the appeal of energy infrastructure assets.
Adjusted core profit from TC Energy’s U.S. natural gas pipelines, the company’s largest segment, rose to $1.22-billion in the second quarter from $1.09-billion a year ago.
The Calgary-based company reported adjusted core earnings of $961-million from its Canadian natural gas pipelines for the three months ended June 30, up from $923-million a year ago.
Quarterly adjusted core profit from its Mexican natural gas pipelines business rose to $409-million, compared with $319-million a year ago.
TC Energy earned 94 cents per share on an adjusted basis in the second quarter, compared with analysts’ average expectation of 83 cents, according to data compiled by LSEG.
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