Results Beat!EQUITY RESEARCH November 3, 2023 Flash Research ENBRIDGE INC
Results Beat: Adjusted EBITDA of $3,871B was stronger than our estimate of $3.719B (+4.1%) and consensus of $3.691B (+4.9%). Reported DCF/share of $1.26 also beat our estimate of $1.17 and consensus of $1.19. The EBITDA variance stemmed from strong performance from Liquids and Gas Transmission segments. Mainline EBITDA of $1.306B beat our estimate of $1.188 in the first quarter following the new tolling agreement. Mainline volumes of 2.998 MMBbl/d beat our estimate of 2.981 MMBbl/d and were up 1% Y/Y. Gas Transmission also beat due to a stronger U.S business and the effect of stronger FX rates. Gas Distribution, Energy Services, and Power all missed due to higher transportation costs, expiration of commitments weaker wind and lower energy pricing, respectively. DCF/share was higher due to higher EBITDA slightly offset by higher current income taxes.
Go Enbridge! ;-)