Calgary-based energy company TC Energy announced a profit of 1.46 billion Canadian dollars ($1.08 billion), or C$1.41 per share, for the fourth quarter. This is a significant improvement compared to the same quarter last year when the company reported a loss of C$1.45 billion. The positive results can be attributed to the sale of its stake in Columbia Gas and Columbia Gulf.
TC Energy’s comparable earnings before interest, tax, depreciation, and amortization (EBITDA) increased by nearly 16% to C$3.11 billion, surpassing analyst expectations of C$2.81 billion, according to FactSet.
However, the company anticipates that its earnings per share will decline in 2024 due to higher net income attributable to noncontrolling interests following the sale of a 40% stake in Columbia Gas and Columbia Gulf in the previous year.
Furthermore, TC Energy expects net expenditures for the upcoming period to be in the range of C$8 billion to C$8.5 billion.
The company remains optimistic about its financial performance despite the projected decrease in earnings, positioning itself for future growth in the energy sector.
