Enbridge 2Q Profit Unchanged, FY24 Guidance Raised

By Adriano Marchese

Enbridge profit remained flat in the second quarter, while its full-year expectations have been raised to include the incorporation of two recent acquisitions in the U.S.

The Calgary, Alberta-based pipeline and energy company posted net earnings of 1.85 billion Canadian dollars ($1.33 billion) unchanged from a year prior. Enbridge benefited from a gain on the sale of its interests in Alliance Pipeline and Aux Sable to Pembina Pipeline worth C$1.1 billion.

On a per-share basis, earnings were C$0.86, down from C$0.91. The discrepancy was caused by the bought-deal equity issuance in the third quarter of 2023 as well as at-the-market issuances in the second quarter of this year which was part of its financing plan for its acquisitions.

Adjusted earnings were C$0.58 a share. According to FactSet, analysts were expecting C$0.63 a share.

Adjusted earnings before interest, taxes, depreciation and amortization rose to C$4.34 billion from C$4.01 billion.

Looking ahead to the full year, the company now expects adjusted EBITDA to be between C$17.7 billion and C$18.3 billion, up from a previous expectation of between C$16.6 billion and C$17.2 billion.

The upgrade is due to contributions from the two U.S. gas acquisitions that have closed this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 02, 2024 07:42 ET (11:42 GMT)

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