TransCanada's 2009 Results Ride High at $1.4B
TransCanada has announced net income applicable to common shares for fourth quarter 2009 of $381 million or $0.56 per share. For the year ended December 31, 2009, net income applicable to common shares was $1.4 billion or $2.11 per share. TransCanada's Board of Directors also declared a quarterly dividend of $0.40 per common share. The new quarterly dividend equates to $1.60 per common share on an annualized basis, an increase of five per cent.
"Our 2009 financial results highlight our ability to generate strong earnings and cash flow from a diverse portfolio of North American energy infrastructure assets" said Hal Kvisle, TransCanada's president and chief executive officer. "Looking forward, we expect that our $22 billion capital program will lead to significant growth in cash flow and earnings over the next five years as a number of attractive, low-risk projects are placed into service. This has enabled our Board of Directors to increase the dividend on common shares for the tenth consecutive year."
Mr. Kvisle noted that in 2009 TransCanada continued to make substantial progress on a number of major initiatives while maintaining its strong financial position.
"We have invested approximately $10 billion in large-scale, multi-year projects such as the Keystone Oil Pipeline System, the Alberta System's North Central Corridor expansion, the Bruce Power refurbishment and restart project and the development of three large natural gas-fired power plants," said Mr. Kvisle. "Each project is expected to generate significant long-term earnings and cash flow on commencement of operations."
"TransCanada is well positioned to fund the remaining portion of this unprecedented capital program," Mr. Kvisle added. "While the carrying costs and dilution associated with our prudent approach to financing this multi-year program will have a near-term impact on our earnings and cash flow per share, our growing internally generated cash flow and our strong financial position provide us with financial flexibility going forward."
Fourth Quarter and Year-End 2009 Highlights
(All financial figures are unaudited and in Canadian dollars unless noted otherwise)
- For fourth quarter
- Net income applicable to common shares of $381 million or $0.56 per share
- Comparable earnings of $328 million or $0.48 per share
- Comparable EBITDA of $965 million
- Funds generated from operations of $850 million
- For the year ended December 31
- Net income applicable to common shares of $1.4 billion or $2.11 per share
- Comparable earnings of $1.3 billion or $2.03 per share
- Comparable EBITDA of $4.1 billion
- Funds generated from operations of $3.1 billion
- Invested $6.3 billion to advance unprecedented $22 billion capital program
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- TransCanada's Decision to Scrap Pipeline Draws Cheers in Quebec (Oct 05)