TC Energy Q1 Earnings Strong On High Demand Across Assets, Guidance Reiterated

TC Energy Corp TRP reported Q1 2023 comparable EPS of C$1.21, growing from C$1.12 a year ago.
Revenue came in at C$3.9 billion compared to C$3.5 billion a year ago.
Comparable EBITDA rose 16% Y/Y to C$2.8 billion on strong demand across assets. Segment earnings increased to C$2.2 billion from C$1.2 billion a year ago.
U.S. Natural Gas Pipelines reported comparable EBITDA growth of 14% Y/Y to C$1.3 billion, with throughput averaging 28.5Bcf/d in Q1.
Canadian Natural Gas Pipelines' comparable EBITDA rose to C$740 million from C$644 million, with NGTLSystem total deliveries averaging 14.5Bcf/d.
Canadian Natural Gas Pipelines brought projects worth C$1.1 billion in service in Q1 2023, allowing additional market access of 700 MMcf/d, with an incremental 500 MMcf/d expected in Q2 2023.
Net cash flow from operating activities increased to C$2.1 billion from C$1.7 billion in prior year.
Capital spending rose to C$3.0 billion from C$1.7 billion in Q1 2022.
The company declared a quarterly dividend of C$0.93 per share.
Outlook: TRP reiterated its guidance for 2023 comparable EBITDA to be 5% to 7% higher than that in 2022.
The company is on track to bring C$6 billion worth of projects into service in 2023 and is advancing over C$5 billion asset divestiture program.
Price Action: TRP shares are trading higher by 1.77% at $41.31 on the last check Friday.

Momentum77.97

Growth41.78

Quality55.34

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