By Adriano Marchese
Enbridge Inc. on Friday reported a fall in third-quarter profit, but beat analyst expectations on an adjusted basis as economies continue to re-open.
The Canadian natural gas distribution company said earnings per share fell to 34 Canadian cents (27 U.S. cents), down from C$0.49 in the comparable quarter a year ago.
Net income was C$682 million, compared with C$990 million.
Adjusted earnings were C$0.59 a share, beating analyst consensus expectations of C$0.57 a share, taken from FactSet.
Adjusted Ebitda increased by C$272 million to C$3.27 billion. The company credits the increase primarily to rebounding demand for energy as economies continue to recover and re-open.
The company said it continues to expect full year Ebitda and distributable cash flow to remain within its previously provided guidance range of C$13.9 billion to C$14.3 billion and C$4.70 to C$5 per share, respectively.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-05-21 0733ET