TC Pipelines L P (NYSE:TCP) Q3 2019 Earnings Conference Call Transcript
Nov 07, 2019 • 11:00 am ET
Good morning, ladies and gentlemen. Welcome to the TC PipeLines, LP 2019 Third Quarter Results Conference Call.
I would now like to turn the meeting over to Ms. Rhonda Amundson. Please go ahead.
Thank you, Operator and good morning everyone. I am happy to welcome you to TC PipeLines' third quarter 2019 conference call. I'm joined today by our President Nathan Brown; our VP and General Manager Janine Watson; and our Principal Financial Officer Chuck Morris. Please note that a slide presentation will accompany their remarks and is available on our website at tcpipelineslp.com where it can be found in the Investor Section under the heading Events and Presentations. Nathan will begin the call today with a review of TC PipeLines' 2019 third quarter results together with an overview of our GTN XPress project which was announced last Friday November 1. Janine will provide a commercial update on the Partnership's assets and our growth program. Following which Chuck will provide a review of our financial results for the third quarter. Nathan will return and wrap-up our remarks with a brief discussion of our growth strategies and close with some key takeaways. Following the prepared remarks I will ask the conference operator to coordinate your questions.
Before we begin I would like to remind you that certain statements made during this conference call before we're looking regarding future events and our future financial performance. All forward looking statements are based on our beliefs as well as assumptions made by an information currently available to us. These statements reflect our current views with respect to future events and are subject to various risks uncertainties and assumptions and discuss in detail in our 20 1810 k as well as our subsequent filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialized or if the underlying assumptions proven correct. Actual results may differ materially from those described in the forward looking statements. Please also note that we use the non GAAP financial measures EBITDA and distributable cash flows during our presentation. EBITDA is an approximate measure of our operating cash flow during the period and reconciles directly to net income. And distributable cash flow is presented to provide a measure of cash generated during the period to evaluate our cash distribution capability. These measures are provided as a supplement to GAAP financial results and we provide a reconciliation to the most closely related GAAP measures in our SEC filings.
With that I'll now turn the call over to Nathan.
Thanks, Rhonda. Good morning everyone and thanks for joining us today. As outlined this morning in our news release and looking at slide 4 I'm pleased to report the TC PipeLines had a very good quarter a solid results in our portfolio pipeline assets continue to perform as expected. We generated $56 million in net income during the third quarter 2019 10% lower than the 62 million we earn in the same period of 2018 largely due to the