TC Energy reports $1.15B first-quarter profit, up from $1B a year ago

TC Energy Corp. reported a first-quarter profit of $1.15 billion, up from $1billion a year ago.

The company formerly known as TransCanada says the profit amounted to $1.22 per diluted share for the quarter ended March 31 compared with $1.09 per diluted share in the first quarter of 2019.

Revenue for the three months totalled nearly $3.42 billion, down from nearly $3.49 billion in the same quarter last year.

TC Energy says its comparable earnings for first quarter 2020 were $1.1 billion or $1.18 per share compared with $1.0 billion or $1.07 per share in 2019.

Analysts on average had expected a profit of $1.06 per share, according to financial markets data firm Refinitiv.

TC Energy announced at the end of March that it would begin construction of its Keystone XL pipeline project with the help of an investment and loan guarantees from the Alberta government.