CALGARY, ALBERTA -- (Marketwired) -- 04/26/13 -- TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada or the Company) today announced net income attributable to common shares for first quarter 2013 of $446 million or $0.63 per share. The first quarter financial results include the impact of the National Energy Board (NEB) decision received in the period on our Canadian Restructuring Proposal. In the decision, among other items, the NEB approved a return on equity for the Canadian Mainline of 11.50 per cent for the years 2012 to 2017 compared to the last approved return on equity of 8.08 per cent. As a result, net income includes $84 million or $0.12 per share related to 2012. Excluding this and certain other minor amounts, comparable earnings were $370 million or $0.52 per share. Our Board of Directors also declared a quarterly dividend of $0.46 per common share for the quarter ending June 30, 2013, equivalent to $1.84 per share on an annualized basis.
"Our three business segments performed well during the first quarter," said Russ Girling, TransCanada's president and chief executive officer. "The restart of Bruce Power Units 1 and 2, the completion of the Bruce Power Unit 4 life extension outage in April, the return to service of Sundance A this fall and a higher Canadian Mainline return on equity are all expected to have a positive impact on earnings in 2013. At the same time, we continue to progress our $25 billion portfolio of commercially secured projects and advance other value creating opportunities including the Energy East Pipeline Project which would transport crude oil from western receipt points to eastern Canadian markets."
Over the next three years, subject to required approvals, we expect to complete $12 billion of projects that are currently in advanced stages of development. They include the Gulf Coast Project, Keystone XL, the Keystone Hardisty Terminal, the initial phase of the Grand Rapids Pipeline, the Tamazunchale Pipeline Extension, the acquisition of nine Ontario Solar projects, and the ongoing expansion of the NGTL System.
We have also commercially secured an additional $13 billion of long-life, contracted energy infrastructure projects that are expected to be placed into service in 2016 and beyond. They include the Coastal GasLink and Prince Rupert Gas Transmission projects that would move natural gas to Canada's West Coast for liquefaction and shipment to Asian markets, the Topolobampo and Mazatlan Gas Pipeline projects in Mexico, completion of the Grand Rapids and Northern Courier oil pipeline projects in Northern Alberta, and the Napanee Generating Station in Eastern Ontario. TransCanada expects these projects to generate predictable, sustained earnings and cash flow.
(All financial figures are unaudited and in Canadian dollars unless noted otherwise)
-- First quarter financial results -- Net income attributable to common shares of $446 million or $0.63 per share -- Comparable earnings of $370 million or $0.52 per share -- Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.2 billion -- Funds generated from operations of $916 million-- Declared a quarterly dividend of $0.46 per common share for the quarter ending June 30-- Received NEB decision on our Canadian Restructuring Proposal-- Bruce Power Units 1 and 2 now able to operate at full power and Unit 4 returned to service on April 13, 2013-- Continued to advance several growth initiatives in the Oil Pipelines business -- Construction on the US$2.3 billion Gulf Coast Project, excluding the Houston Lateral, is now 70 per cent complete -- Received the Draft Supplemental Environmental Impact Statement for the Keystone XL Pipeline from the U.S. Department of State (DOS) -- Announced the launch of an open season for the Energy East Pipeline project to obtain firm commitments to transport crude oil from western receipt points to eastern Canadian markets