Categories Earnings, Other Industries

Enbridge reports a rise in profit for Q2

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.

Enbridge Q2 2019 earnings results

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.

Read: Aphria (APHA) stock jumps after reporting better-than-expected Q4 results

“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.

Read: Cognizant’s Q2 2019 earnings tops estimates

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.

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top