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TransCanada reports Q3 profit climbs to $481M, funds from operations top $1B

The Canadian Press

CALGARY - TransCanada Corp. (TSX:TRP) says its third-quarter profits rose to $481 million from $369 million in the same quarter last year as revenues topped $1 billion.

The earnings attributable to shareholders amounted to 68 cents per share, up from 52 cents per share last year. Funds from operations were $1.05 billion, a 21 per cent increase compared to $866 million for the same period in 2012.

The company says the earnings were boosted in part by higher Alberta power prices, an increase in New York capacity prices and its Canadian Mainline natural gas assets.

Comparable earnings were up 26 per cent to $447 million, or 63 cents per share, from $349 million, or 50 cents per share, for the same period in 2012.

CEO Russ Girling says the rise in earnings was despite challenges in U.S. natural gas pipelines and cyclical lows in the company's gas storage business.

TransCanada's Board of Directors also declared a quarterly dividend of 46 cents per common share for the quarter ending Dec. 31, 2013, or $1.84 per common share on an annualized basis.