TC Energy 4Q Profit Rises

By Adriano Marchese

TC Energy on Friday reported a profit in the fourth quarter, but warned that earnings will be lower this year following the sale of its stake in Columbia Gas and Columbia Gulf last year.

The Calgary, Alberta-based energy company posted net income 1.46 billion Canadian dollars ($1.08 billion), or C$1.41 a share, compared with a loss of C$1.45 billion, or C$1.42 a share, in the comparable quarter a year ago, when it recognized a C$2.6 billion after-tax impairment of its equity investments in the venture.

Comparable earnings before interest, tax, depreciation and amortization--a measure of profit followed by industry analysts--rose nearly 16% to C$3.11 billion, topping analyst expectations of an increase to C$2.81 billion, according to FactSet.

Looking ahead to 2024, TC energy expects comparable earnings per share to decline from 2023 levels due to higher net income attributable to noncontrolling interests following the sale of a 40% stake in Columbia Gas and Columbia Gulf last year.

For net expenditures, the company expects this to be in the range of C$8 billion to C$8.5 billion.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 16, 2024 07:11 ET (12:11 GMT)

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