Enbridge Profit Falls in 2Q; On Track to Meet 2021 Targets

By Adriano Marchese

Enbridge Inc. said Friday that profit fell in the second quarter, though not by as much as analysts had anticipated, and that it remains on track to meet its full-year guidance.

The Calgary-based pipeline company said earnings per share were 69 Canadian cents (55 U.S. cents), down from C$0.82 a year earlier.

Net income was C$1.4 billion, compared with C$1.6 billion, it said.

Adjusted earnings were C$0.67 a share, beating analyst expectations of C$0.57 a share, taken from FactSet, while adjusted earnings before interest, taxes, depreciation and amortization remained flat at C$3.3 billion.

The company said it is on track to bring C$10 billion of projects into service this year and reaffirms its full-year 2021 financial guidance.

"Our secured growth execution and embedded asset growth gives us confidence that we'll generate 5% to 7% distributable cash flow growth through 2023, and we're continuing to advance strategic priorities across each of our franchises," President and Chief Executive Officer Al Monaco said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

07-30-21 0740ET