Pipeline operator TC Energy reports $1.20B Q1 profit, down from $1.31B a year ago

TC Energy Corp. is shown in a company handout. (THE CANADIAN PRESS/HO-TC Energy Corp)

CALGARY -

TC Energy Corp. reported a first-quarter profit of $1.20 billion, down from $1.31 billion in the same quarter last year, as its revenue rose.

The pipeline operator says the profit amounted to $1.16 per share for the quarter ended March 31, down from $1.29 per share a year earlier.

Revenue for the quarter totalled $4.24 billion, up from $3.93 billion in the first quarter of 2023.

On a comparable basis, TC Energy says it earned $1.24 per share in its latest quarter, up from $1.21 per share in the same quarter last year.

During the quarter, TC Energy announced a deal to sell its Portland Natural Gas Transmission System to BlackRock through a fund managed by its diversified infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners.

It also announced an agreement in March to sell its Prince Rupert Gas Transmission project to the Nisga'a Nation - whose lands are located on the northwest coast of B.C. near the city of Terrace - and its partner, Texas-based Western LNG.

This report by The Canadian Press was first published May 3, 2024.