TransCanada 1st quarter profit plummets 35% compared to last year

TransCanada Corp. reported a first-quarter profit of $252 million, down from a year ago, as it was hit by a number of one-time charges.

The pipeline company says the profit amounted to 36 cents per share for the quarter compared with $387 million or 55 cents per share in the first three months of 2015.

Revenue for the quarter ended March 31 fell to $2.55 billion, compared with $2.87 billion a year earlier.

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TransCanada said its most recent results included a net after-tax charge of $211 million for several one-time items including $176 million related to a decision to end its agreements to buy power from three coal-fired plants in Alberta.

Excluding the one-time charges, the company said its comparable earnings amounted to $494 or 70 cents per share, up from $465 million or 66 cents per share a year ago.

The company says the growth came from an increase from Bruce Power and net corporate financial results, offset in part by lower results from its Keystone system, Eastern Power, U.S. Power and Western Power.

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