TC Energy increases dividend, reports Q4 loss due to rising costs of Coastal GasLink

By The Canadian Press on February 14, 2023.

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)

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