Enbridge reports higher fourth-quarter profits despite rising Line 3 costs

CALGARY — Enbridge Inc. says its profits rose in the fourth quarter, despite increasing costs of its Line 3 project.

The company reported fourth-quarter earnings attributable to shareholders of $1.78 billion, or 88 cents per common share, compared with profits of $746 million, or 37 cents per common share, in the fourth quarter of 2019.

On an adjusted basis, Enbridge says its fourth-quarter earnings were $1.13 billion, or 56 cents per common share, compared with adjusted earnings of $1.23 billion, or 61 cents per share, in the year-ago period.

Analysts on average expected Enbridge to report adjusted fourth-quarter net income of $1.24 billion, or 61 cents per share, according to financial data firm Refinitiv.

The company is raising its Line 3 Replacement Project estimated capital costs from $8.2 billion to $9.3 billion, and says it is planning to put the project into service late this year.

Enbridge's financial report comes after the company asked U.S. courts to dismiss a fight over the easement around its Line 5 in Michigan.

The company says it is continuing construction on a tunnel that would further protect the Great Lakes and make an "already safe pipeline safer."

This report by The Canadian Press was first published Feb. 12, 2021.

Companies in this story: (TSX:ENB)

The Canadian Press

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