Oil Pipeline - Flickr via shannonpatrick17TransCanada’s (TRP) earnings per share rose 26 percent year-over-year in the third quarter as the firm recorded a beat on both the top and bottom lines.

Adjusted EPS came in at $0.63, 4 cents more than the consensus estimate, while quarterly revenue totalled $2.2 billion, which was slightly higher than expected.

President and CEO Russ Girling said that the company managed to record these beats “despite challenges in U.S. natural gas pipelines and cyclical lows in our gas storage business.”

TransCanada also declared a quarterly dividend of $0.46.

Rafi Tahmazian, partner at Canoe Financial, told BNN that it is very important for the pipeline company to make headway on projects both to the east (Energy East) and to the south (Keystone XL). The quarterly report states that TransCanada plans to submit the necessary regulatory paperwork needed to begin construction on Energy East in the first half of 2014, and believes the Keystone XL pipeline will be in service approximately two years after the U.S. government approves the project.

The company will hold a conference call with analysts beginning at 11:00am (EST).

 

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