Pipeline company Enbridge reports $990-million third-quarter profit

Pipeline company Enbridge reports $990-million third-quarter profit
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CALGARY — Enbridge Inc. says it earned $990 million in its latest quarter, up from $949 million in the same quarter last year.

The pipeline company says the profit amounted to 49 cents per share for the quarter ended Sept. 30, up from 47 cents per share a year earlier.

On an adjusted basis, Enbridge says it earned $961 million or 48 cents per share for the quarter, down from an adjusted profit of $1.12 billion or 56 cents per share a year earlier.

Analysts on average had expected a profit of 53 cents per share, according to financial data firm Refinitiv.

In its outlook, Enbridge says it expects its distributable cash flow per share to be near the midpoint of its original guidance range of $4.50 to $4.80.

It says the outlook reflects its strong performance over the first nine months of the year, costs savings, as well as certain offsetting headwinds anticipated in the fourth quarter.

This report by The Canadian Press was first published Nov. 6, 2020.

Companies in this story: (TSX:ENB)

The Canadian Press

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