TRP TC Energy Corporation

By Anne Steele 

TransCanada Corp. posted a loss Thursday for its latest quarter on a hefty charge related to the sale of its Northeast U.S. renewable power generation business.

Results, however, came in better than Wall Street expectations, and the company also raised its quarterly dividend 11% to 62.5 Canadian cents per share.

For the three months ended Dec. 31, the company recorded a net loss of 358 million Canadian dollars, or 43 Canadian cents a share, compared with a loss of C$2.5 billion, or C$3.47 a share, in the year-earlier period. TransCanada attributed the loss to a C$870 million write-down related to the sale of the U.S. Northeast power business.

Excluding that charge and other items, adjusted earnings rose to 75 Canadian cents per share from 64 Canadian cents for the same period in 2015. Revenue surged 27% to C$3.62 billion. Analysts polled by Thomson Reuters had expected an adjusted 72 Canadian cents a share on C$3.5 billion in revenue.

Earlier this month, the Trump administration gave a final green light to the controversial Dakota Access Pipeline -- which TransCanada owns -- fulfilling a campaign pledge to boost energy projects but infuriating activists fighting the project.

The U.S. Army Corps of Engineers, an agency of the Department of the Army, said in court filings that the department was planning to issue an outstanding easement under a river in North Dakota that was holding up construction of the oil pipeline. The department also notified Congress of its intent in a separate letter.

The project, which has faced intense opposition from Native American tribes and environmental groups, would cross nearly 1,200 miles and carry as many as 570,000 barrels of oil a day from North Dakota to Illinois.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

February 16, 2017 09:32 ET (14:32 GMT)

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