Enbridge Inc. faced a dip in its first-quarter profits compared to last year, citing a non-cash, net unrealized derivative fair value loss alongside expenses linked to job reductions announced earlier in February.
For the quarter closing on March 31, the pipeline giant reported a profit attributable to common shareholders at $1.42 billion or 67 cents per share. This marks a decline from the $1.73 billion profit or 86 cents per share recorded in the corresponding period last year.
However, when adjusted for certain factors, Enbridge's earnings per share stood at 92 cents in the recent quarter, showcasing an improvement from the adjusted profit of 85 cents per share noted in Q1 of 2023.
Analysts' predictions, as per LSEG Data & Analytics, hovered around an average profit of 81 cents per share for the quarter, indicating Enbridge's adjusted earnings surpassed expectations.
Greg Ebel, Enbridge's chief executive, attributed the quarter's performance to robust operational efficiency and adept execution, which culminated in achieving record financial outcomes.
Despite the profit decline driven by non-cash factors and associated costs, Enbridge remains poised to navigate the challenges, leveraging its operational strength and strategic initiatives to sustain growth momentum in the pipeline industry.
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