CALGARY -- TransCanada Corp. says its third-quarter profit was down from the same time last year as it received lower contributions from its Bruce Power and Western Power electricity generation operations and a small charge related to corporate restructuring.
The Calgary-based company's net income was $402 million or 57 cents per share, which was down $55 million from the same time last year.
A $6-million charge related to restructuring the pipeline and power company was included in the net income, which was down from $457 million or 64 cents per share for the same period in 2014.
Excluding the restructuring and items related to its risk management activities, TransCanada had $440 million or 62 cents per share of comparable earnings -- down from $450 million or 63 cents per share in last year's third quarter.
The earnings report was issued early Tuesday, hours after TransCanada announced Monday evening that it has asked the U.S. government to suspend the review of its stalled Keystone XL pipeline system -- which has cost US$2.4 billion so far.
The third-quarter report says it plans further restructuring activities in the current quarter and into next year, but didn't provide details in its statement.
The company has scheduled a conference call for 9 a.m. Mountain Time (11 a.m. ET).
TransCanada -- which is best known for its pipelines -- said the drop in comparable earnings for the three months ended Sept. 30 was due to lower contributions from its stake in the Bruce Power nuclear plant in Ontario and Western Power in Western Canada and the U.S. Southwest.
It says Bruce Power had more planned outages and higher operating expenses than during last year's third quarter. It says Western Power's earnings were down as a result of lower realized prices for electricity.
It says those declines were partly offset by higher earnings from the Keystone pipeline system -- which includes an operational pipeline -- and other power businesses.
Total revenue was up year-over-year, rising to $2.94 billion from $2.45 billion.
