Solid Results Beat!EQUITY RESEARCH May 5, 2023 Flash Research ENBRIDGE INC. Q1/23 First Look: Solid Results Beat; New Mainline Tolling Agreement Likely Remains The Focus Summary: The company reported Q1/23 results that are ahead of our estimates and with the resolution of the Mainline tolling agreement and positive business updates, together they should be positive for the stock. Results Beat Across The Board: Adjusted EBITDA of $4.468B was better than our estimate of $4.257B and consensus of $4.292B. Reported DCF/share of $1.57 also beat our estimate of $1.47 and consensus of $1.48. The EBITDA variance stemmed from strong segment performance across the board. Liquids Pipelines outperformed slightly due to higher Mainline throughput and a higher average FX rate and the midcontinent system was strong. Gas Transmission also beat due to the recognition of revenues from recent rate cases and a higher FX contribution. Gas Distribution and Power also beat, and Energy Services was mostly in line. DCF/share was higher due to lower maintenance capital. Guidance Maintained: 2023 guidance of $15.9B to $16.5B EBITDA and $5.25 to $5.65 DCF per share was reiterated.
No Fiddy for you! LOL
Go Enbridge! ;-)