By Denny Jacob

Enbridge posted a decline in profit in its first quarter but grew its distributable cash flow.

The Calgary, Alberta-based pipeline and energy company reported on Friday a profit of 1.42 billion Canadian dollars ($1.04 billion), or C$0.67 a share, down from C$1.73 billion, or C$0.86 a share, in the comparable quarter a year ago.

On an adjusted basis, which strips out exceptional and one-off costs, earnings came in at C$0.92 a share, above analysts' estimates of C$0.82 a share, according to FactSet.

Distributable cash flow rose by C$283 million to C$3.46 billion, thanks to higher adjusted earnings before interest, taxes, depreciation and amortization that rose to C$4.95 billion from C$4.47 billion.

Analysts were expecting adjusted Ebitda to rise more modestly at C$4.58 billion.

Looking ahead to the 2024 year, Enbridge reaffirmed its guidance and its medium-term outlook.

Write to Denny Jacob at

(END) Dow Jones Newswires

05-10-24 0747ET