Enbridge 1Q Profit Declines, Distributable Cash Flow Higher

Dow Jones05-10

By Denny Jacob

Enbridge posted a decline in profit in its first quarter but grew its distributable cash flow.

The Calgary, Alberta-based pipeline and energy company reported on Friday a profit of 1.42 billion Canadian dollars ($1.04 billion), or C$0.67 a share, down from C$1.73 billion, or C$0.86 a share, in the comparable quarter a year ago.

On an adjusted basis, which strips out exceptional and one-off costs, earnings came in at C$0.92 a share, above analysts' estimates of C$0.82 a share, according to FactSet.

Distributable cash flow rose by C$283 million to C$3.46 billion, thanks to higher adjusted earnings before interest, taxes, depreciation and amortization that rose to C$4.95 billion from C$4.47 billion.

Analysts were expecting adjusted Ebitda to rise more modestly at C$4.58 billion.

Looking ahead to the 2024 year, Enbridge reaffirmed its guidance and its medium-term outlook.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 10, 2024 07:32 ET (11:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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quarter but grew its distributable cash flow. \n\n\n  The Calgary, Alberta-based pipeline and energy company reported on Friday a ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2237443978.SGD","symbol_name":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2434308248","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434308248","pubTimestamp":1715340720,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Enbridge posted a decline in 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