Enbridge net profit falls as revenues surge in second quarter to $13.22 billion

West of Peebles and north of Corning, crews were working on cutting up the old Enbridge Line 3 on July 8. Photo by Brian Zinchuk

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

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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