PR Newswire
CALGARY, AB, Nov. 1, 2024 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2024 financial results, provided a quarterly business update, and reaffirmed its 2024 financial guidance and outlook.
Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
Third quarter GAAP earnings of $1.3 billion or $0.59 per common share, compared with GAAP earnings of $0.5 billion or $0.26 per common share in 2023Adjusted earnings* of $1.2 billion or $0.55 per common share*, compared with $1.3 billion or $0.62 per common share in 2023Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.2 billion, an increase of 8%, compared with $3.9 billion in 2023Cash provided by operating activities of $3.0 billion, compared with $3.1 billion in 2023Distributable cash flow (DCF)* of $2.6 billion, in line with 2023Reaffirmed 2024 full year financial guidance; the Company expects to finish 2024 near the top end of the EBITDA range of $17.7 billion to $18.3 billion, and around the midpoint for DCF per shareClosed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. on September 30, 2024 for a purchase price of approximately US$3.2 billion (including US$1.3 billion of assumed debt)Closed the previously announced acquisition of additional docks and land adjacent to the Enbridge Ingleside Energy Center (EIEC) for ~US$0.2 billionSanctioned the Canyon System Pipelines, a ~US$0.7 billion project which will deliver crude oil and natural gas from BP Exploration & Production Company's (bp) recently sanctioned Kaskida development in the Gulf of MexicoAcquired a 15% interest in the Delaware Basin Residue (DBR) pipeline system in West Texas from I Squared Capital, extending the Permian strategy and customer service offeringSanctioned the 815 MW Sequoia Solar project in Texas, a US$1.1 billion development substantially underpinned by long-term power purchase agreements with AT&T and ToyotaAnnounced participation in the 177 MW third phase of the Fox Squirrel Solar project following completion of the second phase in August 2024The information provided here is not subject to any editorial processing. It is prepared fully automatically and enriched with additional information and further research options. The aim of the content is to provide information seekers with the relevant information quickly and easily. A link back to the information provider and owner ensures that the data prepared here can be compared with the source information if required. The newsboard does not show information in real time. Please contact the exchange operator for this information if required. There is no claim to completeness. High availability cannot be guaranteed. If you notice any errors in the functionality, please let us know using the "Report a Bug" form below.
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