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Enbridge posts $1.85-billion profit, makes progress on acquisitions in Q2
An Enbridge worker loads pipe just west of Morden, Man., Thursday, Aug. 16, 2018. (THE CANADIAN PRESS/John Woods)
Enbridge Inc. saw its second-quarter profit hit $1.85 billion, where it roughly also sat a year ago.
The Calgary-based pipeline company says its earnings for the period ended June 30 amounted to 86 cents per share compared with 91 cents a year prior.
The results beat analysts' expectations of 63 cents per share, according to financial markets firm LSEG Data and Analytics.
On an adjusted basis, Enbridge says it earned $1.25 billion compared with almost $1.38 billion a year earlier.
Those adjusted figures amounted to earnings of 58 cents per share in its latest quarter, down from an adjusted profit of 68 cents per share in the second quarter of 2023.
Chief executive Greg Ebel says the company completed its acquisition of Questar during the quarter and filed a settlement which gives it a clear path to closing a deal to buy the Public Service Company of North Carolina.
This report by The Canadian Press was first published Aug. 2, 2024.
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