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Enbridge’s quarterly profit rises on strength in natural gas businesses
Enbridge posts higher third-quarter profit, helped by stronger natural gas businesses.
Key points
- Gas transmission unit adjusted core profit was $1.43-billion, up from $1.26-billion a year earlier.
- Gas distribution and storage unit adjusted core profit rose to $665-million from $560-million.
- Quarterly earnings were $1.29-billion, or 59 cents per share, for the quarter ended Sept. 30.
Why it matters. Growing natural gas consumption and power investments for data centres have boosted growth opportunities for pipeline operators such as Enbridge, whose regulated and contracted assets provide relatively stable earnings.
Enbridge reported a higher third-quarter profit on Friday, lifted by its gas operations. Its gas transmission unit earned adjusted core profit of $1.43-billion, up from $1.26-billion, and its gas distribution and storage unit rose to $665-million from $560-million. Net earnings for the quarter ended Sept. 30 reached $1.29-billion, or 59 cents per share, against $682-million, or 30 cents, a year earlier.
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Enbridge’s quarterly profit rises on strength in natural gas businesses
Higher consumption and power infrastructure investment to support data centres boosting growth opportunities for operators Open this photo in gallery: An Enbridge employee loads pipe at a storage facility near Morden, Man., in 2018. JOHN WOODS/The Canadian Press Enbridge ENB-T posted a rise in third-quarter profit on Friday, helped by higher income from its natural gas businesses. Increasing natural gas consumption and investments in power infrastructure needed to support data centres have boosted growth opportunities for pipeline operators such as Enbridge, whose regulated and contracted assets provide relatively stable earnings. Enbridge reported adjusted core profit of $1.43-billion from its gas transmission unit, up from $1.26-billion a year earlier. Adjusted core profit from its gas distribution and storage unit rose to $665-million from $560-million. The company reported earnings of $1.29-billion, or 59 cents per share, for the quarter ended Sept. 30, compared with $682-million, or 30 cents per share, it posted a year earlier.