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CALGARY — Pipeline operator Enbridge Inc. reports better-than-expected second-quarter earnings of $1.07 billion, as it worked to sell a number of non-core assets to help eliminate debt.
The Calgary-based company's profit amounted to 63 cents per share and compared with $919 million, or 56 cents per share in the second quarter of 2017. Both quarters included the impact of a number of unusual items.
Adjusted earnings came in at 65 cents per share, up from 41 cents in the year-earlier period and beating analysts expectations for 53 cents per share, according to Thomson Reuters Eikon.
During the quarter, the company announced agreements to sell $7.5 billion worth of non-core assets, significantly above its original $3 billion target.
Enbridge said in May it would gain nearly $3.2 billion by selling renewable power facilities and natural gas gathering and processing assets in the United States.
It also received positive news on its Line 3 replacement project, with a Minnesota regulator approving its plan.
The company says it is on track to achieve its 2018 guidance and expects about $7 billion worth of new projects to be introduced over the course of 2018, the majority of which will come on line in the second half of the year.
The Canadian Press
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