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Dec 31, 2024
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TC Energy Q4 2024 Earnings Report
TC Energy reported solid fourth-quarter 2024 operating and financial results.
Key Takeaways
TC Energy delivered a strong fourth-quarter performance, with net income of $1.1 billion and revenue of $3.58 billion. The company successfully increased its dividend for the 25th consecutive year and completed the mechanical construction of the Southeast Gateway pipeline 13% under budget.
Comparable earnings were $1.1 billion, or $1.05 per share, down from $1.2 billion last year.
Net income attributable to common shares was $1.1 billion, or $1.03 per share.
Revenue increased to $3.58 billion from $3.50 billion in Q4 2023.
The company increased its quarterly dividend by 3.3%.
TC Energy
TC Energy
TC Energy Revenue by Segment
TC Energy Revenue by Geographic Location
Revenue by Segment
Canadian Gas Pipelines Revenue
CapyFin.comU.S. Gas Pipelines Revenue
CapyFin.comMexico Gas Pipelines Revenue
CapyFin.comPower & Energy Solutions Revenue
CapyFin.comRevenue by Geographic Location
Canada Revenue
CapyFin.comUnited States Revenue
CapyFin.comMexico Revenue
CapyFin.com Forward Guidance
TC Energy expects 2025 comparable EBITDA to be higher due to new projects but forecasts lower EPS due to increased costs and tax rates.
Positive Outlook
- Southeast Gateway pipeline expected to be in service by May 1, 2025.
- Higher contributions from NGTL System due to revenue requirement settlement.
- Full-year impact of projects placed in service in 2024.
- Anticipated new project completions in 2025.
- Strong performance in Bruce Power operations.
Challenges Ahead
- Lower EPS expected due to increased depreciation rates.
- Lower AFUDC due to Southeast Gateway pipeline completion.
- Lower interest income due to reduced cash balances.
- Higher tax rates expected in 2025.
- Increased capitalized interest costs related to Coastal GasLink pipeline.