CALGARY — TC Energy Corp. says its profits edged lower in its latest quarter as revenues increased compared with a year ago.
The pipeline company reported $978 million in net income attributable to its common shares for its first quarter, down from $988 million a year earlier.
It said its profit amounted to 94 cents per share for the quarter ended March 31 compared with a profit of 95 cents per share in the first three months of 2024.
The company said its comparable earnings totalled 95 cents per share in its latest quarter, down from $1.02 a year earlier.
Revenue for the quarter totalled $3.62 billion, up from $3.51 billion in the first quarter of 2024.
"Throughout the first three months of 2025, TC Energy showcased the strength of our business and our position as an industry leading natural gas and power and energy solutions company," said president and CEO François Poirier in a press release.
He said that was despite the fact "evolving macroeconomic conditions continue to contribute to market uncertainty."
"We remain focused on maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects and ensuring financial strength and agility as we deliver solid growth, low risk and repeatable performance for our shareholders."
TC Energy also announced it has approved two new projects that it said represent "strategic investments in North America’s energy future."
One of those, dubbed the Northwoods project, will expand the company's ANR pipeline system in the U.S. which transports natural gas from Texas, Oklahoma and Louisiana to cities and towns in Wisconsin, Michigan, Illinois and Ohio.
TC Energy said it anticipates the expansion being complete by late 2029 with an estimated cost of approximately US$900 million.
The company said it has also sanctioned a major component replacement on Unit 5 at its Bruce Power nuclear plant after receiving approval from the Ontario Independent Electricity System Operator last month.
The $1.1-billion project is expected to begin in the fourth quarter of 2026 with service resuming by early 2030.
This report by The Canadian Press was first published May 1, 2025.
Companies in this story: (TSX:TRP)
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