TC Pipeline Misses Mark

TC PipeLines L.P. (TCLP - Analyst Report), a master limited partnership (MLP), announced weak fourth quarter results (see earnings call transcript here), reflecting lower equity income from Northern Border system and higher unit count. This more than offset solid earnings from the Great Lakes system and contributions from the recently acquired North Baja Pipeline. The partnership reported earnings per unit (EPU) of 56 cents, lower than the Zacks Consensus Estimate of 65 cents and last year’s earnings of 67 cents.

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