This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TransCanada Management Discusses Q2 2012 Results - Earnings Call Transcript

In the second quarter, our businesses, for the most part, continue to perform very well. However, a portion of our business that is directly impacted by power crisis and gas prices was adversely impacted by weak demand and soft prices. That said, I remain very confident that TransCanada is well positioned to grow earnings, cash flow and dividends as we complete our current capital program, secure attractive new opportunities and benefit from the cyclical recovery in natural gas and power prices.

We remain on target to complete $13 billion in capital projects between now and 2015, including the restart of 2 nuclear reactors at Bruce Power; our Gulf Coast project that will deliver U.S. and Canadian oil to Texas refiners; the Keystone XL project, which will bring U.S. Bakken and Canadian oil sands crude to market; the Tamazunchale extension; our Ontario solar project; and many further expansions to our Alberta System.

Turning to the financial highlights for the quarter, comparable earnings were $300 million, or $0.43 a share. Excluding an after-tax charge of $22 million related to the Sundance A arbitration decision announced this week, comparable earnings were $322 million, or $0.46 per share. Comparable EBITDA was $1 billion, and funds generated from operations were $729 million. Today, the Board of Directors declared a quarterly dividend of $0.44 per common share for the quarter ending September 30, 2012.

Don Marchand, our CFO, will offer more details on our financial results in just a couple moments. But before he does, I will walk you through some of the very important advancements in our 3 core businesses over the past quarter. On the Gulf Coast project, we've now achieved a very important milestone as we advanced our Gulf Coast project that will deliver U.S. and Canadian oil to Texas refiners. I'm pleased to confirm that we did receive a final of the 3 necessary permits needed from the U.S. Army Corps of Engineers.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs