Enbridge Inc T.ENB

RE:RE:RE:RE:RE:RE:ENB - Discussed on BNN Market Call - Greg Newman

[Quintessential1]

And when it is a beat they call it a beat.


EQUITY RESEARCH July 29, 2022 Flash Research ENBRIDGE INC. Q2/22 First Look: Modest Beat And An LNG Investment Modest EBITDA Beat And Guidance Maintained: The company reported strong Q2 results as adjusted EBITDA of $3.715B was better than our estimate of $3.644B and consensus of $3.691B. Reported DCF/share of $1.36 also beat our estimate of $1.28 and consensus of $1.27. DCF was helped by a number of below-the-line items, including lower preferred share dividends and maintenance capital. The company also took a restructuring expense of $100MM associated with the enterprise insurance strategy. The EBITDA variance stemmed largely from a stronger performance in Renewable Power due to stronger North American wind resources and higher energy pricing and from Gas Transmission due to higher commodity prices benefiting assets. Liquids Pipelines underperformed slightly due to marked-to-market losses on derivative financial instruments.

Even when it misses it beats!

Go Enbridge!  ;-)

FiddyFiddyOddzz wrote: When earnings fail to meet expectations, it's called a "MISS" :

• UPDATE 1-Canada's Enbridge partners with Pacific Energy on Woodfibre LNG, from 5 hours ago by Thomson Reuters

  5 hours ago by Thomson Reuters
  Companies Mentioned: ENB
   

• Enbridge Reports Q2 Normalized EPS Miss of $0.67, Separately Details Partnership With Pacific Energy In Woodfibre LNG, from 5 hours ago by MT Newswires

  5 hours ago by MT Newswires
  Companies Mentioned: ENB
   

  07:27 AM EDT, 07/29/2022 (MT Newswires) -- Enbridge Inc. (ENB.TO) on Friday reported Q2 2022 earnings of $0.5 billion or $0.22 per common share, compared with earnings of $1.4 billion or $0.69 per common share in 2021. Earnings were negatively impacted by non-cash, net unrealized derivative fair value losses of $850 million compared with unrealized gains of $242 million in Q2 2021.

  Adjusted earnings were $1.4 billion or $0.67 per common share, missing a Capital IQ average forecast of $0.69, but unchanged from Q2 2021's $1.4 billion or $0.67 per common share.

  The company also reaffirmed its 2022 full year guidance range for EBITDA of $15 billion to $15.6 billion and DCF per share of $5.20 to $5.50 but cautioned that strong operational performance is expected to be offset by challenging market conditions which continue to impact Energy Services, along with higher financing costs, due to rising interest rates, relative to 2022 financial guidance.

  Separately, Enbridge announced that it and Pacific Energy Corporation had signed an agreement to jointly invest in the construction and operation of the Woodfibre LNG project.

  Woodfibre LNG is a 2.1 million-tonne-per-year liquefied natural gas (LNG) export facility with 250,000 m3 of floating storage capacity being built near Squamish, B.C. The project is underpinned by two long-term offtake agreements with BP Gas Marketing Limited for 15 years representing 70% of the capacity, with additional commitments in development for up to 90%.

  The project is expected to be in service in 2027.

  Woodfibre LNG will use electric motor drives powered by renewable hydroelectric power, making this one of the lowest-emission LNG export facilities in the world, Enbridge said. The project is the only one in Canada with a non-treaty Indigenous-issued environmental assessment certificate, the first project approved under the Government of Canada's "Five Principles" for environmental assessment, and has received all major federal, provincial and First Nations approvals.
  
  Quin wrote:"Q2/22 First Look: Modest Beat And An LNG Investment

  
  Hmmm....doesn't sound like a miss but thats just my broker.
  
  A modest beat sounds like out of the park these days.  Ask any shopify stockholder.
  
  Go Enbridge! ;-)"