February 15, 2018 / 1:46 PM / in 6 months

Keystone operator TransCanada beats profit estimates

(Reuters) - Keystone pipeline operator TransCanada Corp’s fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines.

FILE PHOTO: A TransCanada Keystone Pipeline pump station operates outside Steele City, Nebraska, U.S. on March 10, 2014. REUTERS/Lane Hickenbottom/File Photo

On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S.

Keystone’s profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said in a statement.

The company plans to invest C$2.4 billion ($1.9 billion) to further expand the pipeline, which moves gas from Alberta and British Columbia to markets all over North America.

Keystone’s attributable net income was C$861 million, or 98 Canadian cents per share, in the quarter ended Dec. 31, compared with a loss of C$358 million, or 43 Canadian cents, a year ago.

Its revenue dipped to C$3.62 billion from C$3.64 billion.

Reporting by Akshara P in Bengaluru; Editing by Savio D'Souza

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