TransCanada Corp. topped expectations as it reported a profit of $1.00 billion in its latest quarter, up from $734 million a year ago, as its revenue edged higher.
The pipeline company says the profit amounted to $1.09 per share for the quarter ended March 31. That compared with a profit of 83 cents per share in the same quarter last year.
Revenue for what was the company’s first quarter totalled $3.49 billion, compared with $3.42 billion in the first quarter of 2018.
On a comparable basis, TransCanada says it earned $987 million or $1.07 per share for the quarter, up from $864 million or 98 cents per share a year ago.
Chief executive Russ Girling says the increase was due to the strong performance of the company’s legacy assets, along with roughly $5.3 billion of growth projects that were placed into service in the quarter.
Analysts on average had expected a profit of 99 cents per share, according to Thomson Reuters Eikon.