TransCanada Corporation (TSX, NYSE: TRP) announced comparable earnings for second quarter 2012 of $300 million or $0.43 per share. Excluding an after-tax charge of $22 million related to the Sundance A PPA arbitration decision received in July 2012, comparable earnings for second quarter 2012 were $322 million or $0.46 per share. TransCanada's Board of Directors also declared a quarterly dividend of $0.44 per common share for the quarter ending September 30, 2012, equivalent to $1.76 per common share on an annualized basis.
"TransCanada's diverse, high-quality energy infrastructure assets performed well in the second quarter," said Russ Girling, TransCanada's president and chief executive officer. "While historically high natural gas storage levels and low natural gas and power prices adversely affected certain aspects of our business, the majority of our assets continued to generate stable and predictable earnings and cash flow. Looking forward, TransCanada is well positioned to grow earnings, cash flow and dividends as we progress our current capital program, secure attractive new opportunities and benefit from a recovery in natural gas and power prices."
Over the next three years, TransCanada expects to complete $13 billion of projects that are currently in advanced stages of development. They include the restart of two reactors at Bruce Power, the Gulf Coast Project, Keystone XL, the Tamazunchale extension, Canadian Solar and the ongoing expansion of the Alberta System.
TransCanada also continues to advance various other large scale initiatives that will help shape the North American energy marketplace. They include the recently announced $4 billion Coastal GasLink Project that would move Canadian natural gas to Asian markets and various other initiatives in its three core businesses. TransCanada expects each of these projects to generate significant, sustained earnings and cash flow and deliver superior returns to its shareholders.
Net income attributable to common shares for second quarter 2012 was $272 million or $0.39 per share. Excluding an after-tax charge of $37 million related to the Sundance A arbitration decision, net income attributable to common shares for the second quarter 2012 was $309 million or $0.44 per share compared to $353 million or $0.50 per share in second quarter 2011.
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