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TC Energy posts Q2 profit growth, beating analyst expectations

TC Energy Corp. on Aug. 1 reported second-quarter comparable earnings of C$924.0 million, or C$1 per share, up from $768.0 million, or 86 Canadian cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter was 98 cents.

Comparable EBITDA amounted to C$2.32 billion, an increase from C$1.99 billion in the prior-year quarter. The company posted comparable distributable cash flow for the quarter of C$1.52 billion, rising from C$1.31 billion a year ago.

Net income attributable to common shares totaled C$1.13 billion, or C$1.21 per share, up from C$785.0 million, or 88 cents per share, in the year-ago quarter.

TC Energy attributed the boost in profits to strong performance of legacy assets as well as C$5.6 billion of growth projects that entered service in the first half of the year.