(RTTNews) - Energy transportation and distribution company Enbridge Inc. (ENB: News ,ENB.TO: News ) on Wednesday reported a profit for the third quarter that more than doubled from last year, helped by strong results at the company's liquids pipelines and natural gas businesses. On an adjusted basis, quarterly earnings per share rose 75% from the prior-year period. Buoyed by the results, the company raised its adjusted earnings outlook for the full year.

Third-Quarter Results

Calgary, Canada-based Enbridge posted third-quarter earnings applicable to common shareholders of C$303.8 million or C$0.83 per share, up from C$148.4 million or C$0.41 per share in the previous-year quarter.

The increase in earnings for the latest quarter reflects higher allowance for equity funds used during construction in Liquids Pipelines, a higher contribution from Enbridge Energy Partners and unrealized fair value gains on derivative financial instruments used to risk manage commodity, foreign exchange and interest rate variability.

Adjusted earnings for the quarter rose to C$152.3 million or C$0.42 per share from C$85.8 million or C$0.24 per share in the same period last year.

Revenues for the latest quarter dropped 40% to C$2.63 billion from C$4.37 billion a year ago.

Peer Performance

TransCanada Corp. (TRP: News ,TRP.TO: News ) on Wednesday reported a decline in profit for the third quarter to C$345 million or C$0.50 per share from C$390 million or C$0.67 per share in the previous-year quarter. However, revenues for the quarter increased to C$2.25 billion from C$2.14 billion in the year-ago quarter.
Other Metrics

Enbridge's commodity sales revenue for the quarter dropped 48% to C$1.96 billion from C$3.77 billion a year earlier. Revenues from Transportation and other services were C$666.1million, up 11% from C$602.1 million in the previous year.

Total expenses for the quarter were C$2.35 billion, down from C$4.08 billion in the year-ago period. Other investment income for the quarter rose to C$256.0 million from C$41.4 million a year ago.

Segmental Results

Liquids Pipelines posted revenues of C$339.0 million, up from C$287.4 million in the prior-year quarter. Earnings for the segment rose to C$116.5 million from C$74.1 million a year ago. The company said it was encouraged by increasing signs of renewed activity in the oil sands as commodity prices recover.

Revenues from Gas Pipelines increased to C$96.1 million from C$85.9 million last year, while earnings increased to C$17.4 million from C$12.6 million. The company noted that its existing asset base, which is adjacent to shale gas plays in Texas and Louisiana as well as the emerging shale plays in northeastern B.C. and the Bakken Formation in Saskatchewan and North Dakota, gives it strong competitive positioning.

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