TC Energy Corp. (TRP) Reports Q1 EPS of Cdn$1.16

TC Energy Corp. (NYSE: TRP) reported Q1 EPS of Cdn$1.16, versus Cdn$1.18 reported last year.

• Net loss attributable to common shares for first quarter 2021 of $1.1 billion or $1.11 per share compared to net income of $1.1 billion or $1.22 per share for the same period in 2020.
• Excluding an asset impairment charge related to the formal suspension of Keystone XL and certain other specific items, comparable earnings for first quarter 2021 were $1.1 billion or $1.16 per common share compared to $1.1 billion or $1.18 per common share in 2020.
• TC Energy's Board of Directors also declared a quarterly dividend of $0.87 per common share for the quarter ending June 30, 2021, equivalent to $3.48 per common share on an annualized basis.

"During the first three months of 2021, our diversified portfolio of essential energy infrastructure continued to perform very well," said François Poirier, TC Energy’s President and Chief Executive Officer. "Robust comparable earnings and cash generation once again highlight the resiliency of our assets and how imperative they are to the North American economy as we deliver the energy and advance projects vital to our way of life in a safe and reliable manner."

Despite energy market volatility, weather events and the ongoing impacts of COVID-19, across our extensive operations, flows and utilization levels remain in line with historical and seasonal norms. Given the predictable nature of our cash flow streams, the Company's outlook for full-year 2021 comparable earnings remains generally consistent with last year's record results.

"While we were very disappointed by the revocation of the Presidential Permit for Keystone XL and the resulting after-tax impairment charge, we are well positioned to deliver sustainable, high-quality growth in the years ahead," continued Poirier. "We are advancing a $20 billion secured capital program and working on a substantive portfolio of other similarly high-quality opportunities under development. Importantly, all of our capital projects are underpinned by long-term contracts and/or regulated business models highlighting the fundamental need for this critical new infrastructure while at the same time giving us visibility to the earnings and cash flow they will generate as they enter service in the coming years. Through prudent financial management, our balance sheet continues to exhibit its historical strength allowing us to effectively self-fund our growth program."

For earnings history and earnings-related data on TC Energy Corp. (TRP) click here.

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