TC Energy increases dividend, reports Q4 loss due to rising costs of Coastal GasLink
CALGARY — TC Energy Corp. raised its dividend as it reported a nearly $1.45-billion loss in its fourth quarter due to rising cost of its Coastal GasLink project.
The company says it will now pay a quarterly dividend of 93 cents per share, up from 90 cents per share.
The increased payment to shareholders came as TC Energy says it lost $1.42 per share for the quarter ended Dec. 31 compared with a profit of nearly $1.12 billion or $1.14 per share a year earlier.
The most recent quarter included a one-time pre-tax charge of $3 billion related to an increased cost estimate for the Coastal GasLink project which is now expected to cost $14.5 billion.
TC Energy says its comparable earnings for the quarter amounted to $1.11 per share, up from $1.05 per share a year earlier.
Analysts on average had expected a profit of $1.10 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Feb. 14, 2023.
Companies in this story: (TSX:TRP)
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
