TransCanada Corp. posted higher operating profit for the fourth quarter and full year of 2006, prompting the pipeline giant to raise its dividend for the seventh straight year.
In a news release Tuesday, TransCanada reported fourth-quarter profit of $269-million or 55 cents a share, down from $350-million or 72 cents a chare a year earlier. However, excluding one-time items â€” which included a tax gain in the latest period and asset sales in the year-earlier quarter â€” the company posted a profit of $257-million or 53 cents a share, up from $235-million or 48 cents a share a year earlier. Revenue for the quarter rose to $2.09-billion from $1.77-billion, and cash flow rose to $660-million from $530-million.
The latest quarter’s share profit topped analysts’ consensus estimate of 51 cents a share.
For the full year, TransCanada earned a profit from continuing operations of $1.05-billion or $2.15 a share, down from $1.21-billion or $2.49 a share in 2005. However, excluding one-time items, the profit was $925-million, up from $839-million a year earlier. Revenue rose to $7.52-billion from $6.12-billion. Cash flow increased to $2.38-billion from $1.95-billion.