Severe winter boosts TransCanada's adjusted profit

Fri May 2, 2014 8:48am EDT
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May 2 (Reuters) - TransCanada Corp , Canada's No.2 pipeline company and the backer of the controversial Keystone XL pipeline, reported a 14 percent rise in adjusted quarterly profit as it benefited from a severe winter in North America.

Comparable earnings, which exclude most one-time items, rose to C$422 million ($385 million), or 60 Canadian cents per share, for the first quarter ended March 31, from C$370 million, or 52 Canadian cents per share.

The company said net income attributable to common shareholders fell to C$412 million, or 58 Canadian cents per share, from C$446 million, or 63 Canadian cents per share. ($1 = 1.0976 Canadian Dollars) (Reporting by Scott Haggett in Calgary and Ashutosh Pandey in Bangalore)