Enbridge Inc. (ENB, ENB.TO) reported that its first-quarter earnings attributable to common shareholders decreased to C$250 million from last year's C$261 million, with earnings per share declining to C$0.31 from C$0.34 in the year ago quarter.
However, adjusted earnings for the first quarter of 2013 increased to C$488 million from C$373 million in the comparative period of 2012. This reflected higher volume throughput and tolls, specifically a higher Canadian Mainline International Joint Tariff Residual Benchmark Toll. Adjusted earnings per share for the quarter were C$0.62 up from C$0.49 last year. 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.
The company said it expects more moderate growth for the balance of the year and maintained its full year 2013 adjusted earnings guidance target range of C$1.74 to C$1.90 per share. Analysts expect the company to report earnings of C$1.80 per share for fiscal 2013.
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