TransCanada Corporation edges higher as Reports 2010 Comparable Earnings; declares dividend
TransCanada Corporation (TRP.TO) is edging higher today after announcing comparable earnings for the fourth quarter 2010 of $384 million or $0.55 per share. For the year ended December 31, 2010, comparable earnings were $1.4 billion or $1.97 per share.
Net income applicable to common shares for fourth quarter 2010 of $269 million or $0.39 per share includes the impact of a $127 million after-tax, one-time valuation provision recorded against the Mackenzie Gas Project. Including this provision, net income applicable to common shares for the year ended December 31, 2010 was $1.2 billion or $1.78 per share.
TransCanada's board of directors also declared a quarterly dividend of $0.42 per common share which equates to $1.68 per common share on an annualized basis, a 5% increase. It said this is the eleventh consecutive year the board of directors has raised the dividend.
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