Enbridge revenues surge nearly 38 per cent in second quarter to $10.9 billion

Enbridge Inc. says its net income attributable to common shareholders dropped 15 per cent in the second quarter despite rebounding demand for energy as economies recover from COVID-19.

The Calgary-based energy company says it earned $1.39 billion or 69 cents per share in the three months ended June 30, compared with $1.65 billion or 82 cents per share a year earlier.

The decrease was partly attributable to reduced foreign currency gains.

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Adjusted profits were $1.36 billion or 67 cents per share, 10 cents per share above forecasts by financial data firm Refinitiv and up from $1.13 billion or 56 cents per share in the second quarter of 2020.

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Revenues surged nearly 38 per cent to $10.9 billion from almost $8 billion in the prior year quarter.

Enbridge reaffirmed its 2021 financial guidance for earnings before interest, taxes, depreciation and amortization of between $13.9 billion and $14.3 billion and distributable cash flow of $4.70 to $5 per share.

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“The global economic recovery is now well underway, and our assets have been essential in assuring access to reliable and affordable conventional and renewable energy throughout this critical period,” stated CEO Al Monaco.

“We’re pleased with our progress through the first half of 2021, having advanced our strategic priorities, including adding opportunities to the backlog. Our solid execution positions us well to achieve our three-year plan and helps to solidify our growth trajectory beyond 2023.

© 2021 The Canadian Press

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