09:13 AM EST, 11/07/2024 (MT Newswires) -- TC Energy ( TRP ) edged up in pre-market New York trading after the company on Thursday said its third-quarter adjusted profit rose 3.8% on high demand for natural gas delivered through its pipeline network.

The company said its adjusted profit, excluding most one-time items, rose to $1.07 billion, or $1.03 per share, in the quarter, up from $1.04 billion, or $1.00, in the year-prior period. The result beat the consensus estimate for a $0.96 per share profit according to Capital IQ.

Revenue rose 3.6% to $4.08 billion from $3.94 billion.

TC said earnings from its Canadian natural-gas pipeline network rose to $495 million from a loss of $799 million in last year's third quarter, while its U.S. network posted earnings of $1.33 billion, up from $782 million, on higher demand for gas.

"Underpinned by wide-scale electrification, demand for natural gas and reliable power generation continues to reach record highs. Our forecast highlights North America's natural gas demand increasing by approximately 40 Bcf/d through 2035, largely driven by LNG and power generation demand growth in the critical markets our assets serve," chief executive Francois Poirier said in a statement.

The company cut its 2024 capital spending guidance to between $8.1 billion and $8.4 billion, down from its prior estimate of $8.5 billion to $9.0 billion as it lowered its cost estimate for the Southeast Gateway pipeline in Mexico to between US$3.9 billion to US$4.1 billion from it original US$4.5 billion estimate. The pipeline is expected to be in service in mid-2025.

TC also said it cut its long-term debt by $7.6 billion using proceeds from Oct.1 spin out of its North American oil pipelines into South Bow Corp (SOBO.TO).

The company's shares were last seen up US$0.36 to US$48.69 pre-market. They closed up $1.71 to $67.36 Wednesday on the Toronto Stock Exchange.