TransCanada Corp. reported better-than-expected quarterly revenue on Thursday, helped by performance in the company’s U.S. natural gas pipelines.
Revenue from the company’s U.S. natural gas pipelines unit rose to C$337 million (U.S.$265.40 million) in the third quarter ended Sept. 30, from C$332 million a year earlier.
However, revenue in its Canadian natural gas pipelines fell 4 percent to C$316 million.
TransCanada is trying to build its 830,000 barrels-per-day Keystone XL pipeline project as Canadian companies attempt new projects in the face of fierce environmental opposition and concerns about slowing oil sands growth.
The company said it would only decide in December whether to proceed with the project after gauging demand from oil shippers and is awaiting a decision from Nebraska’s Public Service Commission.
Calgary-based TransCanada’s revenue fell 10.7 percent to C$3.24 billion, but beat analysts’ estimate of C$3.18 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to shareholders was C$612 million ($482 million), or 70 Canadian cents per share, in the quarter, compared with a loss of C$135 million, or 17 Canadian cents per share, a year earlier.
The year-ago quarter included an after-tax goodwill impairment charge of C$656 million.
Excluding items, the company earned 70 Canadian cents per share, in-line with analysts’ average estimate.