TransCanada Quarterly Profit Falls on Lower Gas Transport |
| Bloomberg - Oct 30, 2012 |
TransCanada Corp. (TRP), the company that proposed the Keystone XL oil pipeline, said third-quarter profit fell 4.4 percent as it transported less natural gas and had maintenance at some power plants.
Net income dropped to C$369 million ($369 million), or 52 cents a share, from C$386 million, or 55 cents, a year earlier, the Calgary-based company said today in a statement. Excluding one-time items, per-share profit was 2 cents less than the 52- cent average of 14 analysts’ estimates compiled by Bloomberg.
“In the third quarter, our base businesses continue to perform well, despite challenges of weak demand and soft gas and power prices in our commodity exposed business,” Russ Girling, TransCanada’s chief executive officer, said on a call with analysts today. Outages at the company’s Bruce Power and Sundance A power plants hurt results, Girling said.
A gas glut in North America that cut profits for producers and sent prices to a 10-year low also affected TransCanada as more of the fuel remained in storage. Natural gas prices averaged $2.893 per million British thermal units in New York during the quarter, down 29 percent from a year earlier. The futures have recovered after reaching a 10-year low on the New York Mercantile Exchange in April.
Read Full Article from Bloomberg
- Posted: 2012-10-30 13:03:02
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