CALGARY — Enbridge Inc. says its earnings attributable to common shareholders dropped in its most recent quarter despite higher revenue.
The Calgary-based energy company says it earned $450 million or 22 cents per share in its second quarter, compared with $1.39 billion or 69 cents per share a year earlier.
Adjusted profits were $1.35 billion or 67 cents per share, compared with $1.36 billion or 67 cents per share in the same period of 2021.
Revenue in the three months ended June 30 was $13.22 billion, compared with $10.95 billion in the prior year quarter.
The company reaffirmed its 2022 financial guidance for earnings before interest, taxes, depreciation and amortization of between $15.0 billion and $15.6 billion and distributable cash flow of $5.20 to $5.50 per share.
It says strong operational performance is expected to be offset by challenging market conditions affecting energy services and higher financing costs due to rising interest rates.
Enbridge president and CEO Al Monaco says the company continued to progress on its key priorities during the quarter.
“Operational performance remained strong, translating into good second quarter financial results,” he said in a statement Friday.
This report by The Canadian Press was first published July 29, 2022.
Companies in this story: (TSX:ENB)
The Canadian Press
- 0072 Outlaw Buckers and Oil Kings 20240072 Outlaw Buckers and Oil Kings 2024
- 0069 Sask Oil Show 2024 banquet tickets0069 Sask Oil Show 2024 banquet tickets
- 0071 Pride Upkeep 2024 Packages0071 Pride Upkeep 2024 Packages
- 0070 Sask Oil Show 2024 pre-register0070 Sask Oil Show 2024 pre-register
- 0068 Sask Oil Show 2024 booth0068 Sask Oil Show 2024 booth
- 0067 PFM SaskWorks Payroll Investment Plan0067 PFM SaskWorks Payroll Investment Plan
- 0066 WBPC Promo video 30 seconds0066 WBPC Promo video 30 seconds
- 0064 Estevan OTS0064 Estevan OTS
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0062 TED_EPAC_Technology_300062 TED_EPAC_Technology_30
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0052 Predator Inspections0052 Predator Inspections
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0015 Latus Viro0015 Latus Viro
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001