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TransCanada boosts adjusted earnings as it looks to integrate Columbia

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TransCanada boosts adjusted earnings as it looks to integrate Columbia

reportedfirst-quarter comparable earnings of C$494 million, or 70 Canadian cents pershare, compared to C$465 million, or 66 Canadian cents per share, in theyear-ago quarter.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was 66Canadian cents.

Net incomeattributable to common shares was C$252 million, or 36 Canadian cents pershare, compared to C$387 million, or 55 Canadian cents per share, in the sameperiod of 2015, according to an April 29 earnings release.

"Duringthe first quarter of 2016, our diverse portfolio of high-quality long-lifeassets generated steady results in what continues to be a challengingenvironment," CEO Russ Girling said.

First-quartercomparable EBITDA amounted to C$1.50 billion, compared to C$1.53 billion in theyear-ago quarter. Comparable distributable cash flow for the first quarter wasC$970 million, or C$1.38 per share, compared to C$956 million, or C$1.35 pershare, in the prior-year quarter.

Fundsgenerated from operations totaled C$1.13 billion, compared to C$1.15 billion inthe same period of 2015, while revenues for the first quarter was reported atC$2.55 billion, compared to C$2.87 billion in the year-ago quarter.

First-quarter2016 results included a net after-tax charge of C$211 million, consisting ofC$176 million relating to the remaining net book value associated TransCanada'stermination of its Alberta power purchase arrangements, C$26 million related tothe proposedacquisition of Columbia Pipeline Group Inc., C$6 million of costs and a C$3million after-tax loss on the sale of TCOffshore LLC. The items were excluded from comparable earnings.

TransCanada in March struck an agreement to buy Columbia forUS$13 billion, including assumed debt. "The acquisition represents a rareopportunity to invest in an extensive, competitively positioned, growingnetwork of regulated natural gas pipeline and storage assets in the Marcellusand Utica shalegas regions," Girling said. "The addition of Columbia to our resilientbase business is a transformational change and creates an industry-leadingportfolio of near-term growth projects that further supports and may augmentour expected eight to ten per cent annual dividend growth through 2020."