TC PipeLines (TCP) Q4 Earnings & Sales Fall Y/Y On High CapEx
Zacks Investment Research | Feb 25, 2020 10:08PM ET
TC PipeLines (NYSE:TCP) witnessed unpleasant earnings in fourth-quarter 2019. The firm reported earnings of 95 cents a unit, down 10.4% from $1.06 cents in the year-ago quarter due to higher maintenance capital expenditures along with lower revenues resulting from the termination of the Bison contracts.
Also, quarterly transmission revenues of $104 million compared unfavorably with $220 million recorded in fourth-quarter 2018 amid lower rates of many of its pipelines induced by the 2018 FERC actions.
Distribution & Cash Flow
TC PipeLines announced fourth-quarter cash distribution of 65 cents per unit, in line with the year-ago figure. Notably, this marks the 83rd quarterly distribution by the partnership.
The partnership's distributable cash flow decreased to $76 million in the quarter under review from $95 million in the year-ago period due to higher system utilization resulting in increased maintenance and operating expenses.
TC PipeLines, LP Price, Consensus and EPS Surprise
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