- Enbridge Inc. (TSX:ENB) stock was up around 1 per cent at open on Friday after news it beat profit estimates for Q3 2023
- The Calgary-based pipeline operator stated in a news release that its most recent quarter delivered a net income of C$532 million, or C$0.26 a share, compared with C$1.28 billion, or C$0.63 a share, a year earlier
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3 per cent to C$3.9 billion from C$3.8 billion in 2022
- Enbridge stock opened trading at C$46.54 per share
Enbridge Inc. (TSX:ENB) stock was up around 1 per cent at open on Friday after news it beat profit estimates for Q3 2023.
The Calgary-based pipeline operator stated in a news release that its most recent quarter delivered a net income of C$532 million, or C$0.26 a share, compared with C$1.28 billion, or C$0.63 a share, a year earlier, as it announced the acquisition of three U.S. gas utilities.
During the quarter, Enbridge signed three agreements with Dominion Energy Inc. to acquire The East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and Public Service Company of North Carolina for C$19 billion. Though still pending closing conditions and regulatory approvals, these acquisitions are expected to close next year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 3 per cent to C$3.9 billion from C$3.8 billion in 2022. Cash provided by operating activities was C$3.1 billion, compared with C$2.1 billion in 2022.
“Despite ongoing market volatility, Enbridge’s four businesses delivered another solid quarter of financial performance,” the company’s CEO, Greg Ebel, said in a statement. “We saw high utilization across our systems delivering reliable, affordable, and sustainable energy for our customers while upholding industry leading safety standards. We’re tracking to plan and expect to achieve our 2023 EBITDA and distributable cash flow per share guidance for the 18th consecutive year.”
Enbridge is an energy transportation and distribution company that operates through five business segments: liquids pipelines, gas transmission and midstream, gas distribution and storage, renewable power generation and energy services.
Enbridge Inc. stock opened trading at C$46.54 per share and the stock is up more than 5 per cent this week.
Join the discussion: Find out what everybody’s saying about this stock on the Enbridge Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.