Calgary, Canada-based Enbridge (NYSE: ENB) reported a rise in its second quarter profit. GAAP earnings jumped to C$1.74 billion or C$0.86 per share for the second quarter of 2019 from C$1.07 billion or C$0.63 per common share in the second quarter of 2018. The company’s revenue surged 23% year-over-year to C$13.26 billion.
Adjusted earnings were C$1.35 billion or C$0.67 per share compared to C$1.09 billion or C$0.65 per share in the prior-year quarter. Enbridge stock, which was up 0.75% at $33.64 when the market closed Thursday, inched down in the pre-market trading session.
The pipeline operator reaffirmed its financial guidance range for 2019 DCF per share of C$4.30 to C$4.60. Enbridge’s CEO Al Monaco stated, “Our operating performance, in combination with new projects that came into service over the past year, drove record second quarter EBITDA and DCF. As a result, we continue to anticipate full year results to be about the middle of our 2019 DCF guidance range of C$4.30 to C$4.60 per share.”
The company announced that it is proceeding with C$2 billion of new secured growth projects across the utilities and renewable power businesses.
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“Operationally, all of our core systems continue to run close to full capacity. We saw strong demand to move crude volumes on our system from Western Canada and the Bakken through to U.S. Gulf Coast markets; our gas transmission business remained in high demand; the Ontario gas utility saw high volumes during a colder than normal second quarter,” said CEO Al Monaco.
Enbridge reported yesterday morning that it is responding to a rupture on the Texas Eastern natural gas pipeline system in Lincoln County, Kentucky. This incident resulted in a fatality and the company has isolated this pipeline. Enbridge added that the National Transportation Safety Board (NTSB) is leading the incident investigation.
The Texas Eastern natural gas pipeline system extends approximately 1,700 miles from producing fields in the Gulf Coast region of Texas and Louisiana to Ohio, Pennsylvania, New Jersey and New York.
Enbridge stock had given a positive return of 8% since the beginning of 2019 and dropped 5% in the trailing 12 months period.
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