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TC Energy beats quarterly profit estimates on strength in gas pipeline business

By Reuters News

Nov 5 (Reuters) - Canadian pipeline operator TC Energy TRP.TO surpassed estimates for third-quarter profit on Thursday, helped by strength in its US and Canada operations.

Pipeline operators across North America are seeing support from growing natural gas consumption, including demand from power generation and industrial users, boosting volumes on largely fee-based systems.

TC Energy's adjusted core profit in its US natural gas pipelines, its largest segment, rose to C$1.25 billion ($895.99 million), from C$1.06 billion a year ago.

The company reported adjusted core earnings from Canadian natural gas pipelines of C$953 million during the third quarter, up from C$913 million.

The Calgary-based company earned 94 Canadian cents per share on an adjusted basis for the three months ended September 30, compared with analysts' average expectation of 86 Canadian cents, according to data compiled by LSEG.


($1 = 1.3951 Canadian dollars)

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