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2018-02-16 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - CALGARY, Alberta, Feb. 15, 2018 (GLOBE NEWSWIRE) -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today 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. Comparable earnings for fourth quarter 2017 were $719 million or $0.82 per common share compared to $626 million or $0.75 per share for the same period last year. For the year ended December 31, 2017, comparable earnings were $2.7 billion or $3.09 per common share compared to $2.1 billion or $2.78 per share in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.69 per common share for the quarter ending March 31, 2018, equivalent to $2.76 per common share on an annualized basis, an increase of 10.4 per cent. This is the eighteenth consecutive year the Board of Directors has raised the dividend.

"We are pleased that our vision of becoming one of North America's leading energy infrastructure companies is becoming a reality. In 2017, we advanced a number of strategic initiatives and delivered record financial performance following the successful integration of Columbia into our operations," said Russ Girling, TransCanada's president and chief executive officer. "Comparable earnings per share increased eleven per cent compared to 2016 while comparable funds generated from operations of $5.6 billion were nine per cent higher than last year. The increases reflect the strong performance of our existing assets and approximately $5 billion of growth projects that were completed and placed into service during 2017. They included expansions of our NGTL and Canadian Mainline systems in our Canadian natural gas pipelines business, the Gibraltar and Rayne XPress projects in U.S. natural gas pipelines and the Grand Rapids and Northern Courier liquids pipelines in Alberta."

"Looking forward, we will continue to advance a $23 billion near-term capital program, including an additional $2.4 billion on NGTL. This program is expected to generate significant additional growth in earnings and cash flow and support continued annual dividend growth at the upper end of an eight to ten per cent range through 2020 and an additional eight to ten per cent in 2021," added Girling. "We have invested approximately $8 billion into these projects to date and are well positioned to fund the remainder of this capital program through our strong and growing internally generated cash flow and access to capital markets on compelling terms."

"In addition, we continue to advance more than $20 billion of medium to longer-term projects including Keystone XL, Coastal GasLink and the Bruce Power life extension program. Progress on Keystone XL continues following the Nebraska Public Service Commission approval of a viable route through the state, which we support, and the receipt of commercial commitments for the project. At the same time we expect to secure additional organic growth associated with our extensive North American footprint in natural gas pipelines, liquids pipelines and power generation as evidenced by ongoing expansions of the NGTL System. These initiatives highlight the strong competitive position of our asset base and our proven ability to continuously replenish our growth portfolio with attractive, strategic, low-risk investment opportunities. Success in advancing these and other projects into construction and operation could extend our dividend growth outlook beyond 2021," concluded Girling.

Highlights

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

Fourth quarter 2017 financial results:

  • Net income attributable to common shares of $861 million or $0.98 per share
  • Comparable earnings of $719 million or $0.82 per common share
  • Comparable earnings before interest, taxes, depreciation and amortization of $1.9 billion
  • Net cash provided by operations of $1.4 billion
  • Comparable funds generated from operations of $1.5 billion
  • Comparable distributable cash flow of $1.3 billion or $1.45 per common share reflecting only non-recoverable maintenance capital expenditures

For the year ended December 31, 2017:

  • Net income attributable to common shares of $3.0 billion or $3.44 per share
  • Comparable earnings of $2.7 billion or $3.09 per common share
  • Comparable earnings before interest, taxes, depreciation and amortization of $7.4 billion
  • Net cash provided by operations of $5.2 billion
  • Comparable funds generated from operations of $5.6 billion
  • Comparable distributable cash flow of $5.0 billion or $5.69 per common share reflecting only non-recoverable maintenance capital expenditures

Fourth quarter highlights:

  • Announced a 10.4 per cent increase in the quarterly common share dividend to $0.69 per common share for the quarter ending March 31, 2018
  • NGTL placed approximately $0.6 billion of facilities in service during the fourth quarter bringing the total to $1.7 billion in 2017
  • Placed Rayne XPress and Gibraltar into service in November, followed by Leach XPress on January 1, 2018
  • Received FERC certificates for the WB XPress, Mountaineer XPress and Gulf XPress projects
  • Completed the sale of our Ontario solar assets for $541 million
  • Announced that we would no longer be pursuing Energy East and related projects
  • Raised US$1.25 billion in 2-year floating and fixed rate senior debt on November 15, 2017
  • Concluded open seasons for the Keystone and Marketlink pipeline systems and secured incremental long-term contractual commitments
  • Received approval for a route through Nebraska for Keystone XL from the Nebraska Public Service Commission
  • In January 2018, announced that we received commercial support for the Keystone XL project
  • In February 2018, announced a new NGTL System expansion for 2021 of $2.4 billion

Net income attributable to common shares increased by $1.2 billion or $1.41 per share to $861 million or $0.98 per share for the three months ended December 31, 2017 compared to the same period last year. Fourth quarter 2017 results included an $804 million recovery of deferred income taxes as a result of U.S. Tax Reform, a $136 million after-tax gain related to the sale of our Ontario solar assets and a $64 million after-tax net gain related to the monetization of our U.S. Northeast power business. These gains were partially offset by a $954 million after-tax impairment charge for the Energy East pipeline and related projects as a result of our decision not to proceed with the project applications and a $9 million after-tax charge related to the maintenance and liquidation of Keystone XL assets which were expensed pending further advancement of the project. All of these specific items, as well as unrealized gains and losses from changes in risk management activities, are excluded from comparable earnings.

Net income attributable to common shares for the year ended December 31, 2017 was $3.0 billion or $3.44 per share compared to $124 million or $0.16 per share in 2016. Net income per common share includes the dilutive effect of issuing 161 million common shares in 2016 and common shares issued under our DRP and corporate ATM program in 2017. Results in 2017 included an $804 million recovery of deferred income taxes as a result of U.S. Tax Reform, a $307 million after-tax net gain related to the monetization of our U.S. Northeast power business and a $136 million after-tax gain related to the sale of our Ontario solar assets. These items were partially offset by a $954 million after-tax impairment charge for the Energy East pipeline and related projects as a result of our decision not to proceed with the project applications, a $69 million after-tax charge for integration-related costs associated with the acquisition of Columbia, a $28 million after-tax charge related to the maintenance and liquidation of Keystone XL assets which were expensed pending further advancement of the project and a $7 million income tax recovery in first quarter related to the realized loss on a third party sale of Keystone XL project 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 fourth quarter 2017 were $719 million or $0.82 per share compared to $626 million or $0.75 per share for the same period in 2016, an increase of $93 million or $0.07 per share. The increase in fourth quarter comparable earnings was primarily due to the net effect of a higher contribution from U.S. Natural Gas Pipelines due to lower operating costs including synergies achieved from the Columbia acquisition, a higher contribution from Liquids Pipelines primarily due to higher volumes on Keystone, the commencement of operations on Northern Courier and Grand Rapids and liquids marketing activities, higher earnings from Bruce Power mainly due to higher volumes resulting from fewer outage days, and higher AFUDC on our rate-regulated U.S. natural gas pipelines, partially offset by our decision not to proceed with the Energy East pipeline, a lower contribution from U.S. Power due to the monetization of our U.S. Northeast power generation assets in second quarter 2017 and the continued wind-down of our U.S. power marketing operations and an after-tax impairment charge in 2017 related to obsolete Energy equipment.

Comparable earnings for the year ended December 31, 2017 of $2.7 billion or $3.09 per share were $582 million or $0.31 per common share higher than in 2016 and includes the dilutive effect of issuing 161 million common shares in 2016 and common shares issued under our DRP and corporate ATM program in 2017. The 2017 increase in comparable earnings was primarily the net result of a higher contribution from U.S. Natural Gas Pipelines due to incremental earnings from Columbia following the July 2016 acquisition and higher ANR transportation revenue resulting from a FERC-approved rate settlement, increased earnings from Liquids Pipelines primarily due to higher volumes on the Keystone Pipeline System, liquids marketing activities and the commencement of operations on Grand Rapids and Northern Courier, higher earnings from Bruce Power mainly due to higher volumes resulting from fewer outage days, a higher contribution from Mexico Natural Gas Pipelines due to earnings from Topolobampo beginning in July 2016 and Mazatlan beginning in December 2016, higher AFUDC on our rate-regulated U.S. natural gas pipelines, the NGTL System, Tula and Villa de Reyes, partially offset by the commercial in-service of Topolobampo and completion of Mazatlan construction, and higher interest income and other due to income related to Coastal GasLink project costs and the termination of the PRGT project. These items were partially offset by lower contributions from U.S. Power due to the sales of our U.S. Northeast power generation assets in second quarter 2017 and the wind-down of our U.S. power marketing operations, as well as higher interest expense as a result of debt assumed in the acquisition of Columbia on July 1, 2016 and long-term debt and junior subordinated note issuances in 2017, net of maturities.

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Earlier:

 TRANSCANADA'S CONSTRUCTION $8 BLN
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.

 

 TRANSCANADA NET INCOME $2.136 BLN
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.

 

 TRANSCANADA SELLS SOLAR $540 MLN
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.

 

 TRANSCANADA'S CAPITAL PROGRAM: $24 BLN
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.

 

 TRANSCANADA'S NET INCOME $881 MLN
2017, August, 1, 12:20:00

TRANSCANADA'S NET INCOME $881 MLN

TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for second quarter 2017 of $881 million or $1.01 per share compared to net income of $365 million or $0.52 per share for the same period in 2016. Comparable earnings for second quarter 2017 were $659 million or $0.76 per share compared to $366 million or $0.52 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 September 30, 2017, equivalent to $2.50 per common share on an annualized basis.

 

 TRANSCANADA'S CONSTRUCTION
2017, March, 27, 18:45:00

TRANSCANADA'S CONSTRUCTION

"This is a significant milestone for the Keystone XL project," said Russ Girling, TransCanada's president and chief executive officer. "We greatly appreciate President Trump's Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America's energy infrastructure."

 

 TRANSCANADA'S APPLICATION
2017, January, 30, 18:45:00

TRANSCANADA'S APPLICATION

“Today’s action to reapply for the Keystone XL Pipeline’s cross-border permit is an important step forward to building a 21st Century energy infrastructure system across our nation,” said Gerard. “The Keystone XL Pipeline would support tens of thousands of jobs, contribute billions of dollars to our economy, and deliver energy efficiently and safely to consumers.

Tags: TRANSCANADA
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