TransCanada Profit Falls on Lower Natural Gas Shipments
By Rebecca Penty
TransCanada Corp., the transporter of 20 percent of North America’s natural gas, said fourth- quarter profit fell 19 percent as shipments of the fuel on some of its pipelines declined.
Net income dropped to C$306 million ($304 million), or 43 cents a share, from C$376 million, or 53 cents, a year earlier, the Calgary-based company said in a statement on Marketwire today. Excluding one-time items, per-share profit was 4 cents less than the 49-cent average of 12 analysts’ estimates compiled by Bloomberg.
TransCanada is moving less gas on its pipelines because a glut in North American supplies has reduced prices, resulting in more of the fuel being kept in storage. U.S. imports of Canadian gas fell 7 percent to 5.7 billion cubic feet a day during the first nine months of 2012 from the same period a year earlier, according to the Energy Information Administration.
By posting your comment, you agree to abide by our Posting rules