TRANSCANADA'S NET INCOME $928 MLN

TRANSCANADA - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company)  announced net income attributable to common shares for third quarter 2018 of $928 million or $1.02 per share compared to net income of $612 million or $0.70 per share for the same period in 2017.

Comparable earnings for third quarter 2018 were $902 million or $1.00 per share compared to $614 million or $0.70 per share for the same period in 2017. TransCanada's Board of Directors also declared a quarterly dividend of $0.69 per common share for the quarter ending December 31, 2018, equivalent to $2.76 per common share on an annualized basis.

"During the third quarter of 2018, our diversified portfolio of critical energy infrastructure assets continued to perform extremely well," said Russ Girling, TransCanada's president and chief executive officer. "Comparable earnings of $1.00 per share increased 43 per cent 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 per cent 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 per cent through 2021," added Girling. "With approximately $10 billion of new projects expected to enter service by early 2019, we are well positioned to fund the remainder of our secured growth program through internally generated cash flow, access to capital markets and further portfolio management activities. Through the end of October, we placed approximately $6.1 billion of long-term debt on compelling terms and raised approximately $2.0 billion of common equity through our dividend reinvestment plan and at-the-market program. We also completed the sale of our interests in the Cartier Wind power facilities for proceeds of approximately $630 million and expect to be reimbursed for approximately $400 million of Coastal GasLink pre-development costs. Collectively these initiatives have raised $9.1 billion which, when combined with our growing internally generated cash flow, means our 2018 financing requirements are fully funded. We view ATM issuance as being complete at this time while our dividend reinvestment plan will operate for some portion of 2019. Going forward, we will continue to evaluate share count growth against further portfolio management activities."

"Looking ahead, we continue to methodically advance more than $20 billion of projects under development including Keystone XL and the Bruce Power life extension agreement. Success in advancing these and/or other growth initiatives associated with our vast, well-positioned North American footprint could extend our growth outlook well into the next decade," concluded Girling.

Highlights

(All financial figures are unaudited and in Canadian dollars unless noted otherwise)

• Third quarter 2018 financial results 

• Net income attributable to common shares of $928 million or $1.02 per common share 
• Comparable earnings of $902 million or $1.00 per common share 
• Comparable earnings before interest, taxes, depreciation and amortization of $2.1 billion 
• Net cash provided by operations of $1.3 billion 
• Comparable funds generated from operations of $1.6 billion 
• Comparable distributable cash flow of $1.4 billion or $1.56 per common share reflecting only non-recoverable maintenance capital expenditures 

• Declared a quarterly dividend of $0.69 per common share for the quarter ending December 31, 2018 

• Announced that we will proceed with construction of the $6.2 billion Coastal GasLink pipeline project 

• Announced $1.5 billion NGTL 2022 Expansion Program 

• Bruce Power submitted a final estimate for the Unit 6 Major Component Replacement (MCR) program to the Independent Electricity System Operator (IESO) in September 2018; we expect to invest approximately $2.2 billion in this and the ongoing Asset Management program through 2023 

• Issued $1.0 billion of 10- and 30-year fixed-rate medium-term notes in July 2018 

• Raised US$1.4 billion of 10- and 30-year fixed-rate senior notes in October 2018 

• Completed the sale of our interests in Cartier Wind for approximately $630 million in October 2018 

• Expect to be reimbursed for $399 million of Coastal GasLink pre-development costs in fourth quarter 2018. 

Net income attributable to common shares increased by $316 million or $0.32 per common share to $928 million or $1.02 per share for the three months ended September 30, 2018 compared to the same period last year. Per share results in 2018 reflect the dilutive effect of common shares issued in 2017 and 2018 under our DRP and Corporate ATM program. Third quarter 2018 results included after-tax income of $8 million related to our U.S. Northeast power marketing contracts which were excluded from comparable earnings as we do not consider their wind-down part of our underlying operations. Third quarter 2017 results included a $12 million after-tax loss related to the monetization of our U.S. Northeast power generation assets, an after-tax charge of $30 million for integration-related costs associated with the acquisition of Columbia and an after-tax charge of $8 million related to the maintenance of Keystone XL assets. All of these specific items, as well as unrealized gains and losses from changes in risk management activities, are excluded from comparable earnings.

Comparable earnings for third quarter 2018 were $902 million or $1.00 per common share compared to $614 million or $0.70 per common share for the same period in 2017, an increase of $288 million or $0.30 per share and was primarily due to the net effect of:

• higher contribution from U.S. Natural Gas Pipelines mainly due to increased earnings from Columbia Gas and Columbia Gulf growth projects placed in service, additional contract sales on ANR and Great Lakes and the amortization of net regulatory liabilities recognized as a result of U.S. Tax Reform

• higher contribution from Liquids Pipelines primarily due to earnings from intra-Alberta pipelines placed in service in the second half of 2017, increased earnings from liquids marketing activities, and higher volumes on the Keystone Pipeline System

• lower income tax expense primarily due to lower income tax rates as a result of U.S. Tax Reform 

• higher revenues from our Mexico operations as a result of changes in timing of revenue recognition

• higher interest expense primarily as a result of long-term debt and junior subordinated notes issuances, net of maturities, and lower capitalized interest.

More information is here.

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Earlier:

2018, August, 3, 09:10:00 TRANSCANADA NET INCOME $785 MLN TRANSCANADA - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) today announced net income attributable to common shares for second quarter 2018 of $785 million or $0.88 per share compared to net income of $881 million or $1.01 per share for the same period in 2017.

2018, April, 30, 09:35:00 TRANSCANADA'S NET INCOME $734 MLN TRANSCANADA - TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for first quarter 2018 of $734 million or $0.83 per share compared to net income of $643 million or $0.74 per share for the same period in 2017. Comparable earnings for first quarter 2018 were $870 million or $0.98 per share compared to $698 million or $0.81 per share for the same period in 2017. TransCanada's Board of Directors also declared a quarterly dividend of $0.69 per common share for the quarter ending June 30, 2018, equivalent to $2.76 per common share on an annualized basis

2018, February, 16, 23:10:00 TRANSCANADA NET INCOME $3.0 BLN TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

2017, November, 22, 11:15:00 TRANSCANADA'S CONSTRUCTION $8 BLN TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) confirmed that the Nebraska Public Service Commission (PSC) has approved an alternative route for the proposed Keystone XL Pipeline project through the state. TransCanada is evaluating the PSC's decision.

2017, November, 13, 10:10:00 TRANSCANADA NET INCOME $2.136 BLN TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for third quarter 2017 of $612 million or $0.70 per share compared to a net loss of $135 million or $0.17 per share for the same period in 2016. Comparable earnings for third quarter 2017 were $614 million or $0.70 per share compared to $622 million or $0.78 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending December 31, 2017, equivalent to $2.50 per common share on an annualized basis.

2017, October, 27, 19:00:00 TRANSCANADA SELLS SOLAR $540 MLN TransCanada Corporation has entered into an agreement to sell its Ontario solar portfolio comprised of eight facilities with a total generating capacity of 76 megawatts to Axium Infinity Solar LP, a subsidiary of Axium Infrastructure Canada II Limited Partnership, for approximately $540 million.

2017, October, 6, 12:30:00 TRANSCANADA'S CAPITAL PROGRAM: $24 BLN We will continue to focus on our $24 billion near-term capital program which is expected to generate growth in earnings and cash flow to support an expected annual dividend growth rate at the upper end of an eight to 10 per cent range through 2020.