(Calgary) TC Energy posted first-quarter net income of $1.31 billion on Friday, up from $358 million in the same period last year.

The pipeline operator said its profit per share was $1.29 for the three months ended March 31, after being 36 cents for the first three months of 2022.

Revenue totaled 3.93 billion, showing a gain from 3.50 billion in the previous first quarter.

TC Energy said comparable earnings for the most recent quarter were $1.21 per share, down from $1.12 per share a year ago.

Analysts on average had expected earnings per share of $1.15, according to forecasts compiled by financial data firm Refinitiv.

TC Energy noted that construction of its Coastal GasLink project continues to meet its most recent schedule and cost projections, and is approximately 87% complete.