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
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.