By Allison Prang
Enbridge Inc.'s profit fell as costs increased.
Net income was C$842 million, down 29% from the comparable quarter a year ago. Earnings were C$0.37 per common share, down from C$0.60 a share.
Adjusted earnings were C$0.61 a share, down from $0.65 a share.
According to FactSet, analysts were expecting C$0.64 a share.
The company's earnings before interest, taxes, depreciation and amortization rose, but depreciation and amortization and interest expense both increased, and the company's income tax expense increased to C$433 million. It was C$60 million the comparable quarter a year earlier.
The company said it reaffirmed its outlook for 2020 DCF per share to be between C$4.50 and C$4.80. It also reaffirmed it expects DCF per share to rise between 5% to 7% long term, it said.
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