TransCanada reports $612-million Q3 profit, up from loss a year ago

Russ Girling, President and CEO of TransCanada Corp. speaks at the company annual meeting in Calgary, Friday, April 29, 2016. TransCanada Corp. earned $612 million in its latest quarter compared with a loss a year ago. THE CANADIAN PRESS/Mike Ridewood

November 09, 2017 - 4:59 AM

CALGARY - TransCanada Corp. earned $612 million in its latest quarter compared with a loss a year ago.

The pipeline company (TSX:TRP) says the profit amounted to 70 cents per share for the quarter ended Sept. 30.

That compared with a loss of $135 million or 17 cents per share a year ago.

Revenue fell to $3.24 billion compared with $3.63 billion in the same quarter last year.

The company says comparable earnings for the quarter fell to a profit of $614 million or 70 cents per share compared with $622 million or 78 per share a year ago, due in large part to the sale of its U.S. Northeast power generation portfolio.

TransCanada announced last month the sale of its solar power holdings in a $540-million deal with a subsidiary of Axium Infrastructure Canada II L.P.

News from © The Canadian Press, 2017

The Canadian Press

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