Canadian oil and gas pipelines operator Enbridge, Inc. (ENB,ENB.TO) reported Wednesday a profit for the first quarter that declined from last year, hurt by costs associated with cleaning up a 2010 oil spill.
However, adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also reaffirmed its earnings guidance for the full-year 2013, citing the more moderate growth expected for the balance of the year.
Enbridge also announced a $1.2 billion investment in preferred units of its Houston affiliate Enbridge Energy Partners, L.P. The company says this will reduce the amount of commercial financing required by EEP to fund its organic growth program.
"Enbridge's businesses performed well in the first quarter. Although we are pleased to be off to a good start, we expect more moderate growth for the balance of the year and we are maintaining our full year adjusted earnings guidance......," President and CEO Al Monaco said in a statement.
The Calgary, Canada-based company reported net earnings of C$250 million or C$0.31 per share for the first quarter, lower than C$261 million or C$0.34 per share in the prior-year quarter.
Excluding special items, adjusted earnings for the quarter was C$488 million or C$0.62 per share, compared to C$373 million or C$0.49 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of C$0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter surged to C$8.02 billion from C$6.63 billion in the same quarter last year, and topped four Wall Street analysts' consensus estimate of C$6.60 billion.
Commodity sales surged to $5.92 billion from $4.84 billion, gas distribution sales grew to $891 million from $767 million, and transportation and other services revenues increased to $1.20 billion from $1.02 billion from the year-ago quarter.
Total expenses for the quarter increased to $7.57 billion from $6.16 billion in the prior-year quarter.
Looking ahead to fiscal 2012, the company continues to expect adjusted earnings in a range of $1.74 to $1.90 per share as it expects more moderate growth for the balance of the year. Street is currently looking for full-year 2013 earnings of $1.80 per share.
"We continue to be on track and on budget with the execution of a record number of commercially secured growth projects which we expect will provide a foundation for growth beyond 2013. This includes ten projects which will have at least an initial phase go into service by the end of this year," Monaco added.
ENB closed Tuesday's regular trading session at $47.33, up $0.26 on a volume of 0.52 million shares. On the Toronto Stock Exchange, ENB.TO closed at C$47.55, up C$0.10 on a volume of 0.80 million shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.