According to Oil and Gas Press, TransCanada Corporation announced its net income for Q3 2018 of $928 million or $1.02 per share compared to its net income of $612 million or $0.70 per share for the same period last year.
The company’s Board of Directors have also declared a quarterly dividend of $0.69 per common share for the last quarter this year, which is ‘equivalent to $2.76 per common share on an annualised basis’.
Russ Girling, TransCanada’s president and chief executive officer, said: “Comparable earnings of $1.00 per share increased 43 percent compared to the same period last year reflecting the strong performance of our legacy assets, contributions from approximately $7 billion of growth projects that entered service over the last twelve months and the positive impact of U.S. Tax Reform. For the nine months ended September 30, 2018, comparable earnings were $2.82 per share, an increase of 24 percent over the same period last year despite the sale of our U.S. Northeast power generation and Ontario solar assets in 2017 and necessary financing activities that have us on track to return to long-term targeted credit metrics post the Columbia acquisition.”
“With our existing asset portfolio benefiting from strong underlying market fundamentals and approximately $36 billion of secured growth projects underway including Coastal GasLink, NGTL’s 2022 expansion program and Bruce Power’s Unit 6 refurbishment, earnings and cash flow are forecast to continue to rise. This is expected to support annual dividend growth of eight to ten percent through 2021,” he added.