Severe Winter Boosts TransCanada's Profit
TransCanada Corp , Canada's No.2 pipeline company and the backer of the controversial Keystone XL pipeline, reported a 14 percent rise in adjusted quarterly profit as it benefited from a severe winter in North America.
Comparable earnings, which exclude most one-time items, rose to C$422 million ($385 million), or 60 Canadian cents per share, for the first quarter ended March 31, from C$370 million, or 52 Canadian cents per share.
The company said net income attributable to common shareholders fell to C$412 million, or 58 Canadian cents per share, from C$446 million, or 63 Canadian cents per share.
Reporting by Scott Haggett and Ashutosh Pandey