TransCanada Corp. (TSX: T.TRP, Stock Forum) announced net income attributable to common shares for first quarter 2013 was $446 million or $0.63 per share compared to $352 million or $0.50 per share in first quarter 2012.
Comparable earnings for first quarter 2013 were $370 million or $0.52 per share compared to $363 million or $0.52 per share for the same period in 2012.
According to the TransCanada press release, the first quarter financial results include the impact of the National Energy Board (NEB) decision received in the period on the company’s Canadian Restructuring Proposal.
In the decision, among other items, the NEB approved a return on equity for the Canadian Mainline of 11.50 per cent for the years 2012 to 2017 compared to the last approved return on equity of 8.08 per cent.
As a result, net income includes $84 million or $0.12 per share related to 2012. Excluding this and certain other minor amounts, comparable earnings were $370 million or $0.52 per share.
Higher earnings contributions from the Canadian Mainline in the first quarter 2013 as a result of the NEB decision on its Restructuring Proposal, Bruce Power and U.S. Power, were offset by lower contributions from U.S. Natural Gas Pipelines and Western Power.
The company’s Board of Directors also declared a quarterly dividend of $0.46 per common share for the quarter ending June 30, 2013, equivalent to $1.84 per share on an annualized basis.
Over the next three years, subject to required approvals, the company expects to complete $12 billion of projects that are currently in advanced stages of development.
TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure.
On Friday, TransCanada was trading at $49.77 a share. The company had a market cap of $35.2 billion, based on 706.4 million shares outstanding. The 52-week high and low was $50.26 and $41.47 respectively.