Enbridge quarter and full year earnings up on higher activity, new infrastructure

CALGARY — Enbridge Inc. says earnings rose in the fourth quarter and last year as a whole on higher asset use and contributions from infrastructure put in place in late 2018 and through last year.

The pipeline-focused energy giant says it had adjusted earnings of $1.23 billion, or 61 cents per share for the quarter ending Dec. 31, compared with $1.17 billion, or 65 cents per share for the same quarter last year.

For the full year, the company says it had adjusted earnings of $5.34 billion, or $2.65 per share, compared with $4.57 billion or $2.65 per share for 2018.

Analysts had expected full year adjusted earnings of $5.39 billion, or $2.67 per share.

Unadjusted earnings for the year came in at $5.32 billion, or $2.64 per share, compared with $2.52 billion, or $1.46 per share last year.

The company says it put $7 billion worth of projects into service in the fourth quarter, including the $1.1 billion German Hohe See offshore wind project, the Gray Oak pipeline in Texas, and the Canadian segment of the Line 3 replacement project.

This report by The Canadian Press was first published Feb. 14, 2020.

Companies in this story: (TSX:ENB)

The Canadian Press

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