TransCanada earnings climb 21 percent in fourth quarter on higher gas storage profit

TransCanada 4Q earnings rise 21 percent

COLUMBUS, Ohio — Energy company TransCanada said Tuesday that its fourth quarter earnings rose 21 percent, helped by higher profit from its natural gas storage operations and lower interest costs.

The company made 328 million Canadian dollars ($315 million), or 48 Canadian cents per share (46 cents) for the quarter ended Dec. 31 compared with 271 million Canadian dollars, or 46 Canadian cents per share, in the year-ago quarter.

Revenue fell to 2.2 billion Canadian dollars ($2.1 billion) for the quarter, down from 2.3 billion Canadian dollars ($2.2 billion) in the year ago quarter.

Analysts surveyed by Thomson Reuters expected TransCanada to make 51 cents per share.

For the year, the company earned 1.3 billion Canadian dollars, ($1.28 billion), or 2.03 Canadian dollars ($1.95) per share, about flat with 2008 profit. Per share profit was down from 2.25 Canadian dollars ($2.16) in 2008 because the company issued additional shares in 2009.

TransCanada, based in Calgary, Alberta, also raised its quarterly dividend 5 percent to 40 cents per share.

TransCanada’s operations include oil and natural gas pipelines, power generation and gas storage facilities in North America.

TransCanada shares fell 8 cents to $33.11 in Tuesday afternoon trading. The stock has traded between $20.01 and $35.07 over the past year.