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TC Energy reports strong first quarter 2024 results
Beats analyst expectations, advances strategic priorities
TC Energy Corporation released its first quarter results today, reporting earnings per share (EPS) of C$1.24, beating analyst consensus estimates of C$1.14 by C$0.10. The company also reported operating revenues of C$3.2 billion, an increase of 5% year-over-year.
Key highlights from the quarter include:
- Strong operating cash flow of C$1.6 billion, up 12% year-over-year
- Net income of C$930 million, an increase of 10% year-over-year
- Capital spending of C$1.1 billion, in line with the company's guidance
- Completion of the Coastal GasLink pipeline, which will transport natural gas from British Columbia to Kitimat, BC
François Poirier, TC Energy's President and Chief Executive Officer, said, "We are pleased with our strong first quarter results, which reflect the continued execution of our strategic priorities. We remain focused on investing in our core businesses, delivering safe and reliable energy to our customers, and creating value for our shareholders."
Atb Cap Markets analyst N. Heywood now expects that the pipeline company will earn $0.66 per share for the quarter, down from their prior forecast. The company's stock price is currently trading at C$56.00 per share, up 1.5% on the day.
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