Enbridge revenues surge nearly 38 per cent in second quarter to $10.9B
Enbridge Inc. says its net income attributable to common shareholders dropped 15 per cent in the second quarter despite rebounding demand for energy as economies recover from COVID-19.
The Calgary-based energy company says it earned $1.39 billion or 69 cents per share in the three months ended June 30, compared with $1.65 billion or 82 cents per share a year earlier.
The decrease was partly attributable to reduced foreign currency gains.
Adjusted profits were $1.36 billion or 67 cents per share, 10 cents per share above forecasts by financial data firm Refinitiv and up from $1.13 billion or 56 cents per share in the second quarter of 2020.
Revenues surged nearly 38 per cent to $10.9 billion from almost $8 billion in the prior year quarter.
Enbridge reaffirmed its 2021 financial guidance for earnings before interest, taxes, depreciation and amortization of between $13.9 billion and $14.3 billion and distributable cash flow of $4.70 to $5 per share.
“The global economic recovery is now well underway, and our assets have been essential in assuring access to reliable and affordable conventional and renewable energy throughout this critical period,” stated CEO Al Monaco.
“We're pleased with our progress through the first half of 2021, having advanced our strategic priorities, including adding opportunities to the backlog. Our solid execution positions us well to achieve our three-year plan and helps to solidify our growth trajectory beyond 2023.
This report by The Canadian Press was first published July 30, 2021
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.