TC Energy (NYSE:TRP) +3.7% in Thursday's trading to a two-year high after easily beating Q3 adjusted earnings estimates and targeting full-year underlining earnings at the top end of its guidance range.

Q3 swung to a net profit of C$1.48B (~US$1.18B), or C$1.40/share, from a year-earlier loss of C$173M, or C$0.19/share; comparable EBITDA rose 6% Y/Y to C$2.79B, slightly above C$2.75B analyst consensus estimate; and revenues rose 3.6% to C$4.08B.

Earnings from TC Energy's (TRP) U.S. natural gas pipelines, its largest segment, jumped to C$1.33B (US$957.6M) from C$782M in the year-earlier quarter.

For FY 2024, the company sees comparable EBITDA at the upper end of its guidance range of C$11.2B-C$11.5B, which on a post-spinoff basis equates to C$9.9B-C$10.1B on a post-spinoff basis, excluding the recent spinoff of a chunk of its liquids pipelines business, now known as South Bow; with the exit from South Bow, TC Energy (TRP) lowered its long-term debt by ~C$7.6B in October.

The company also said it expects overall capital spending for this year to come in ~8% lower at the mid-point of earlier expectations, at C$7.4B-C$7.7B.

TC Energy (TRP) said it has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico, now expecting the project to cost US$3.9B-US$4.1B compared with its original estimate of US$4.5B.