Enbridge Logs Profit in 4Q
By Adriano Marchese
Enbridge swung to a profit in the fourth quarter and grew its distributable cash flow.
The Calgary, Alberta-based pipeline and energy company reported on Friday a profit of 1.73 billion Canadian dollars ($1.29 billion), or C$0.81 a share, compared with a loss of C$1.07 billion, or C$0.53 a share, in the comparable quarter a year ago.
In the previous year's fourth quarter, Enbridge booked a noncash goodwill impairment charge of C$2.5 billion related to its gas transmission reporting unit as a result of the increased cost of capital.
On an adjusted basis, which strips out exceptional and one-off costs, earnings came in at C$0.64 a share, missing analyst expectations of a greater rise to C$0.68 a share, according to FactSet.
Distributable cash flow rose by C$69 million to C$2.73 billion, thanks to higher adjusted earnings before interest, taxes, depreciation and amortization that rose to C$4.12 billion from C$3.91 billion.
Analysts were expecting adjusted Ebitda to rise more modestly at C$4.08 billion.
Looking ahead to the 2024 year, Enbridge reaffirmed its guidance and said that growth will be driven by contributions from its most recent acquisitions, including the $14-billion acquisition of U.S.-based utilities from Dominion Energy in September, as well as assets coming online throughout the year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 09, 2024 07:48 ET (12:48 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth