By Robb M. Stewart

TC Energy nudged up its quarterly dividend in the latest quarter in anticipation of a further rise in underlying earnings this year and after spinning off its liquids pipelines business.

The Canadian energy company on Thursday reported income attributable to common shares of 971 million Canadian dollars ($684.1 million), or C$0.94 a share, for the fourth quarter, compared with C$1.46 billion, or C$1.41, a year earlier.

Comparable earnings before interest, tax, depreciation and amortization--a measure of profit followed by industry analysts--fell to C$2.62 billion from C$3.11 billion the year before.

Revenue rose 2.1% for the three months to C$3.58 billion.

TC Energy in early October completed its exit from its liquids business, South Bow. That left it focused on almost 58,000 miles of natural has pipelines in Canada, the U.S. and Mexico, as well as seven power-generation facilities, including the Bruce nuclear plant to supplies roughly 30% of the province of Ontario's electricity.

The is targeting 2025 comparable Ebitda of between about C$10.7 billion and C$10.9 billion. Earnings on the same basis rose to C$11.19 billion last year, from C$10.99 billion in 2023.

TC Energy's board approved a 3.3% rise in the quarterly dividend to C$0.85 a share. That is the equivalent of C$3.40 year, and marks a 25th consecutive year the energy company has raised its payout.

The company has given the go ahead to four projects totaling C$1.5 billion in gross spending, including two extensions to its Columbia Gulf System, a natural has storage facility in southeast Virginia and an expansion of the Bruce operation. TC Energy said its Southeast Gateway marine pipeline project in Mexico has now reached mechanical completion, 13% under budget, and is on track to be in service from May.

TC Energy is targeting capital expenditures this year of between C$6.1 billion and C$6.6 billion on a gross basis. Capital spending in the last year fell to C$7.9 billion from C$12.3 billion in 2023.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 14, 2025 07:29 ET (12:29 GMT)

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