November 1, 2016 / 9:02 PM / 10 months ago

TransCanada reports quarterly loss, selling U.S. Northeast Power unit

CALGARY, Alberta, Nov 1 (Reuters) - TransCanada Corp , Canada's No. 2 pipeline operator, on Tuesday reported a quarterly loss because of an after-tax goodwill impairment charge related to its U.S. Northeast Power business.

The Calgary-based company also said it will sell the power business, which it estimates to be worth $3.7 billion, to help repay loans used to finance its acquisition of the Columbia Pipeline Group earlier this year.

TransCanada recorded a third-quarter net loss attributable to shareholders of C$135 million ($100.80 million), or 17 Canadian cents per share. That compared with a net income of C$402 million, or 57 Canadian cents, in the year-ago period.

Adjusted earnings, which exclude most one-time items, rose to C$622 million, or 78 Canadian cents per share, from C$440 million, or 62 Canadian cents, in the same period in 2015.

In a strategic update released shortly before earnings, TransCanada said it would do a stock offering valued at approximately C$3.2 billion.

Those proceeds will also be used to fund the Columbia acquisition. ($1 = 1.3393 Canadian dollars) (Editing by Steve Orlosky)

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