TC Energy scores Q1 beat as natural gas pipeline deliveries set records

seekingalpha05-04

TC Energy (NYSE:TRP) +2% in Friday's trading after posting better than expected Q1 adjusted earnings of C$1.24/share, up from C$1.21 in the year-earlier quarter and topping the C$1.15 FactSet analyst ...

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Q1 comparable EBITDA of C$3.09B jumped 11% Y/Y and beat the C$2.98B FactSet analyst consensus, while revenues rose 8% Y/Y to C$4.24B, broadly in line with the C$4.21 billion analysts were expecting. Comparable earnings from TC Energy's (TRP) Canada, U.S. and Mexico natural gas segments rose 8.7% to $2.37B from $2.18B in the same period last year, as deliveries on its NGTL system, which transports natural gas from Alberta and northeastern B.C. to Canadian and U.S. markets, averaged 15.3B cf/day; the system also achieved a new single-day delivery record of 17.3B cf/day. In the U.S., TC Energy's (TRP) gas pipelines saw average flows rise more than 5% Y/Y to 30B cf/day, setting delivery records for overall the U.S. natgas portfolio and specific assets including Columbia Gas, Columbia Gulf and Great Lakes Gas Transmission. \"Natural gas demand growth is continuing in powering the U.S. as electricity demand grows,\" CEO François Poirier said on the company's earnings conference call, according to Bloomberg, adding that 2023 was \"a record year for power burn across the U.S. and that strength is continuing into 2024.\" The company reaffirmed FY 2024 guidance for comparable EBITDA of C$11.2B-C$11.5B and sees earnings per share for the year falling as higher net income is partially offset by increased earnings related to higher spending on its Southeast Gateway pipeline project in Mexico. TC Energy (TRP) sees \"a meaningful load and growth opportunity from increased demand in coming years due to data centers,\" said Stanley Chapman, COO for natural gas pipelines, according to Bloomberg. \"Reliability requirements associated with data centers are also driving increased appreciation for the role that natural gas is going to play in supporting those loads,\" Chapman said. Jefferies analyst Anthony Linton notes TC Energy (TRP) has placed C$1B in projects into service YTD, and ~C$7B of projects should be in service this year.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432133566"}