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

(END) Dow Jones Newswires

02-09-24 0748ET