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4mo ago

TC Energy Reports $978M Q1 Profit and Greenlights Two Major Projects

The energy giant sees slight profit dip but rising revenues, while committing to long-term investments in pipeline expansion and nuclear refurbishment.

TC Energy headquarters in Calgary, Alta., Tuesday, July 30, 2024. TC Energy Corp. says its profits edged lower in its latest quarter as revenues increased compared with a year ago. THE CANADIAN PRESS/Todd Korol
TC Energy's Calgary headquarters.
TC Energy headquarters in Calgary on July 30, 2024.

Overview

  • TC Energy posted a Q1 2025 net income of $978 million, a slight decrease from $988 million in Q1 2024, with revenue increasing to $3.62 billion.
  • Comparable earnings for the quarter were 95 cents per share, down from $1.02 per share a year earlier.
  • The company approved the $900 million Northwoods pipeline expansion in the U.S., targeting completion by late 2029 to enhance natural gas transport across multiple states.
  • A $1.1 billion refurbishment of Bruce Power's Unit 5 nuclear reactor was sanctioned, with work beginning in late 2026 and service resuming by early 2030.
  • CEO Francois Poirier emphasized operational excellence, financial strength, and strategic growth amid ongoing market uncertainty.