Keystone operator TransCanada Corp on Thursday beat analysts' estimates for quarterly profit, helped by higher demand for its natural gas and oil pipelines in the United States.
Canadian pipelines are running in full capacity due to a rise in production in recent years. TransCanada said earnings from its Keystone pipeline system rose to C$401 million ($302.39 million) in the fourth quarter from C$346 million a year earlier. The company's net income attributable to shareholders rose to C$1.09 billion, or C$1.19 per share, in the quarter ended Dec.31, from C$861 million, or 98 Canadian cents per share, a year earlier. On an adjusted basis, the company earned C$ 1.03 per share, while analysts were expecting 96 Canadian cents per share, as per IBES data from Refinitiv. Revenue rose to C$3.9 billion from C$3.62 billion. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur)