CALGARY _ Enbridge (TSX:ENB, Stock Forum) is reporting a second-quarter net profit of $756 million, impacted by a number of one-time factors that contributed to the jump in earnings.
The Calgary-based pipeline company said it earned 91 cents per diluted share in the quarter.
That compares with $42 million, or five cents per diluted share, in the same quarter of 2013.
Enbridge says its hedging program and other one-time items contributed to the quarter-over-quarter earnings growth.
The company's adjusted earnings, excluding items, were $328 million, or 40 cents per share, compared with $306 million, or 38 cents per share, in the same quarter last year.
Analysts had been expecting 39 cents of adjusted earnings per share, according to data compiled by Thomson Reuters.
Enbridge said its second-quarter adjusted earnings growth was primarily driven by liquids pipelines business.
Cash flow from operating activities was $812 million, down from $937 million year-over-year.
In June, the federal government gave the green light to Enbridge's multibillion-dollar Alberta-to-West Coast Northern Gateway pipeline project, subject to 209 conditions recommended by a regulatory panel late last year.
Enbridge needs to cross a number of federal and provincial regulatory hurdles, fight legal battles launched by opponents and win over communities along the proposed route. The pipeline would connect growing oilsands crude with buyers on the other side of the Pacific.
``The federal government's approval supports Enbridge's view that the project can be built and operated safely, and that opening up new markets for Canadian energy is in our national interest,'' chief executive Al Monaco said in a statement on Friday.
``That said, we still have a lot of work to do. We will continue to focus on three priorities: meeting the JRP's (joint review panel) conditions; working with the Province of British Columbia on its five conditions for supporting oil pipelines; and continuing to engage aboriginal communities to build further trust and support,'' Monaco said.
Enbridge transports and distributes crude oil, natural gas, and other liquids.