Pipeline operator TC PipeLines LP TCP reported first-quarter 2016 earnings per unit (EPU) of $1.10 that beat the Zacks Consensus Estimate of 91 cents and improved from 88 cents earned in the year-ago quarter. Solid performance by the partnership’s existing asset base along with the acquisition of Portland Natural Gas Transmission System (“PNGTS”) supported the results. TC Pipelines LP (TCP) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Quarterly transmission revenues of $86 million slipped 1.1% from the year-ago quarter level.Distribution & Cash Flows Late last month, TC PipeLines announced first-quarter 2016 cash distribution of 89 cents per unit ($3.56 per unit annualized). This represents a 6% year-over-year increase. The partnership’s total distributable cash flow jumped about 17.3% year over year to $95 million. TC PipeLines distributed $60 million in the reported quarter, down from $55 million in the year-ago quarter. Pipeline Systems’ Performance Great Lakes:The partnership incurred a loss of $15 million from equity investment, wider than the prior-year quarter loss of $11 million. Northern Border Pipeline:Equity loss from this pipeline was $18 million, narrower than the prior-year quarter loss of $20 million. Liquidity As of Mar 31, 2016, TC PipeLines had a long-term debt (excluding current portion) of $2,059 million, which represents a debt-to-capitalization ratio of 65.3%. Zacks Rank Calgary, Alberta-based TC PipeLines currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space are Boardwalk Pipeline Partners, LP BWP, CONE Midstream Partners LP CNNX and Enable Midstream Partners, LP ENBL. Each of these players holds a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOARDWALK PIPLN (BWP): Free Stock Analysis Report CONE MIDSTREAM (CNNX): Free Stock Analysis Report ENABLE MIDSTRM (ENBL): Free Stock Analysis Report TC PIPELINES (TCP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research